US private equity meets German-style corporate governance, and frictions occur.

There should be little surprise there, in a country whose staid business culture never seemed to provide a fertile ground for the creativity of US financial capitalism. According to the Financial Times, distressed assets fund Cerberus Capital Management is pushing for the ousting of Paul Achleitner, chair of Deutsche Bank, Germany’s largest bank, which has indeed seemed under serious stress for the best part of the last decade.