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Deutsche Bank shareholders criticise Cerberus advisory role

“It’s similar to accountants working as consultants — it’s not illegal, but it’s surely not looking good,” a person close to one of Deutsche’s largest shareholders said of the move to recruit Cerberus.

One issue of concern to shareholders is the possibility that the US group might gain access to potentially confidential information as an adviser. A person familiar with Deutsche’s internal discussions argued that the lender was trusting in Chinese walls between Cerberus’s consulting business and its investment activities.