Deutsche Bank names new chief executives
Tuesday 26 July 2011
Deutsche Bank has confirmed that Anshu Jain and Jürgen Fitschen will take over as co-chief executives at the bank when Josef Ackermann steps down next May.
Mr Jain, the 48-year-old Indian-born head of Deutsche Bank's investment bank, will share power with Mr Fitschen, the 62-year-old native German responsible for business in Europe's largest economy, as the bank seeks to bridge a divide of deep mistrust between Germany and international investment bankers.
Mr Jain could eventually become sole chief executive as his contract will be extended by five years to 2017, while Mr Fitschen's contract expires almost two years earlier. Mr Ackermann, meanwhile, is likely to replace the chairman Clemens Boersig on the bank's supervisory board, although that move needs the approval of at least 25 per cent of the bank's shareholders.
Although the London-based investment bank accounts for 70-85 per cent of group profits, the new dual-chief role is a sign of the 141-year-old lender's move towards a more conservative strategy amid widespread suspicion of investment banking in Germany.
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 4 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Amber Peat: Body found in search for missing 13-year-old who ran away after argument with her parents
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...