Investment manager Hermes has launched a stinging attack on Deutsche Bank's chairman ahead of the German bank's annual meeting of shareholders this week, urging the group to start planning for his succession.

Hermes EOS, the activist arm of the £33bn fund manager, published a note on Tuesday ahead of Deutsche's AGM on May 24. In the note, Hermes said chairman Paul Achleitner bears ultimate responsibility for the failure to turn around the bank and "needs to answer serious questions regarding chief executive officer turnover and other management board changes".