The shareholder committee meeting, which was held yesterday, determined whether van Rüth, whose contract expires at the end of this year, remains a general partner or not, reports said, citing industry sources. If van Rüth goes, Schramm becomes a sole head of the bank.

However, BaFin, the German regulator, requires the bank to be managed by at least two individuals; therefore, van Rüth might stay with the firm for the time being.

Jürgen Heraeus, who chairs the shareholder committee, was quoted as telling Frankfurter Allgemeine Zeitung that the firm has already found a suitable successor internally. The report said it is most likely to be Jochen Lucht, who is currently responsible for IT and operations at the bank.

According to the BaFin requirements, whoever is appointed will at first have to undergo a year long “test run” before being approved for the role.

Hauck & Aufhäuser declined to comment on the matter when contacted by WealthBriefing.