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.
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