Annual General Meeting on May 28, 2026: Deutsche Bank AG intends to reappoint EY as its auditor. Shareholders call on EY to take responsibility for the Wirecard scandal and submit a counter-motion

Annual General Meeting on May 28, 2026: Deutsche Bank AG intends to reappoint EY as its auditor.

Shareholders call on EY to take responsibility for the Wirecard scandal and submit a counter-motion

Deutsche Bank AG plans to reappoint Ernst & Young (EY) as its auditor at the Annual General Meeting on May 28, 2026. Shareholders disagree with this decision. Their counter-motion has already been filed and will be presented orally on May 28, 2026.

What the affected Deutsche Bank shareholders are criticizing: The reappointment of EY to the crucial role of auditor is incompatible with EY’s negative role in the Wirecard scandal. EY refuses to provide any clarification regarding the Wirecard scandal and, despite multiple requests from the Bavarian Higher Regional Court, is unwilling to negotiate compensation for Wirecard investors. Furthermore: In January/February 2024, the German EY subsidiary underwent a dramatic change in legal structure, splitting into multiple companies. This change in legal structure is intended to significantly limit creditors’ access to the assets of the formerly unified German EY subsidiary. In other words: EY has downsized itself so that, in the event of danger, it can at least flee into insolvency with the newly founded auditing company. The restructuring could simply be described as unprofessional or, indeed, as a sleight of hand unworthy of a custodian of major DAX-listed corporations.

Shareholder Siotto from Braunschweig: “We cannot understand why Deutsche Bank is once again seeking to appoint EY as its auditor. EY is among those responsible for the Wirecard scandal, the biggest financial scandal in German history. EY is explicitly refusing to comply with a Supreme Court order to seek settlement agreements with the victims. On the contrary: EY is actively shirking its responsibility.” Currently, Deutsche Bank is facing allegations of alleged involvement in money laundering activities. In January 2026, the offices at its headquarters were searched by the Frankfurt Public Prosecutor’s Office. In March 2026, lawsuits filed by former employees came to light in connection with transactions that Deutsche Bank had conducted several years ago with “Banca Monte dei Paschi di Siena.” Especially in the face of such challenges, the choice should fall on an auditor who is not himself caught in the crossfire of legal doubts.

Attorney Dr. Schirp of Berlin, whose law firm Schirp Schmidt-Morsbach Rechtsanwälte, together with Dr. Marc Liebscher, represents the lead plaintiff in the Wirecard class-action lawsuit, stated: “Paul Achleitner, who was chairman of the supervisory board at the time, announced as early as 2021 that Deutsche Bank would not retain EY as long as the Wirecard scandal had not been fully resolved. Nevertheless, Deutsche Bank has not yet changed its auditor and has not replaced EY. This is all the more incomprehensible given that Deutsche Bank’s own fund units—part of its subsidiary DWS—are also pursuing claims for damages against EY due to Wirecard losses. How can the corporate “grandmother,” Deutsche Bank AG, continue to place its trust in EY as its auditor while the “grandchildren,” the fund companies, are simultaneously suing EY for damages due to culpable breaches of duty? This is contradictory behavior and damages the reputation of Deutsche Bank and Germany as a business location.” 

At Deutsche Bank AG’s annual general meeting this Thursday, investor advocates will submit a counter-motion calling for EY not to be reappointed as auditor, specifically due to the firm’s continued refusal to cooperate in the investigation of the Wirecard scandal. They are expressly seeking support from all other shareholders.

For further inquiries, please contact:

-    Attorney Dr. Wolfgang Schirp, Schirp Schmidt-Morsbach Rechtsanwälte mbB, Kantstraße 149, D – 10623 Berlin, Tel. 0049-179-5320213, email: schirp@schirp.com, URL: www.schirp.com

-    Roberto Siotto, Braunschweig, Tel. 0049-172-7539755, email: robertosiotto@gmx.de