Deutsche Bank shareholders have delivered a strong vote of disapproval on the running of the company.

At the German banking giant's annual meeting, 39% of investors refused to support the performances of the co-chief executives.

Germany's corporate governance code gives investors a vote to ratify executives' performance over the year.

Last time, the chief executives won the support of 89% of investors attending the meeting.

Investors have been uneasy about Deutsche's profit growth, mounting regulatory fines, and restructuring plans.

Hermes Equity Ownership Services, which holds a stake in Deutsche Bank of almost 5%, publicly criticised the board ahead of the meeting.

'Not delivered'

"We no longer have confidence in the management board," said Hermes' director Dr Hans-Christoph Hirt.

The bank said it needed more time to carry out its planned restructuring, and unveiled a management shake-up that gave more power to co-chief executive Anshu Jain.

Deutsche also removed some executives and re-arranged responsibilities.

In response to criticism of the bank's performance, co-chief executive Jürgen Fitschen said: "We have not delivered, so far, the returns you expect and deserve.

"However, we are convinced: we are moving Deutsche Bank in the right direction. For that reason, we ask for your continued support."
(BBC)