Deutsche Bank last month presented a new strategy to boost profits and its share price, both of which lag rivals. But investors have reacted coolly, setting the stage for a potentially tumultuous shareholder meeting May 21.

Investors and proxy advisers are already grumbling over costly litigation related to issues including interest-rate manipulation. Large shareholders are privately questioning the management of co-chief executives Anshu Jain and Jürgen Fitschen, particularly their ability to turn the giant German bank around after missing financial targets.