Deutsche Bank appoints Jain, Fitschen as new co-CEOs1 min read . Updated: 26 Jul 2011, 10:25 AM IST
Deutsche Bank appoints Jain, Fitschen as new co-CEOs
Berlin: Deutsche Bank has appointed Anshu Jain as the co-CEO to succeed management board chairman Josef Ackermann, who leaves office in May next year.
Jain, 48, the head of Deutsche Bank’s highly successful investment banking division based in London, will take over the leadership of Germany’s largest bank together with his management board colleague, Juergen Fitschen, when Ackermann makes way for them one year ahead of his current term expiring in May, 2013.
Deutsche Bank made the announcement on Monday evening after a special meeting of the supervisory board ahead of its regular meeting on Tuesday, at which the bank will announce its quarterly results.
The supervisory board’s endorsement of chairman Clemens Boersig’s nomination of Jain and Fitschen for leadership of the bank three weeks ago brings to an end speculation about who will take over the reins of Germany’s leading financial institution from Ackermann.
The two members of the management board were appointed as equal co-chairmen of the board and co-chairmen of the group executive committee of the bank, it said in a press statement.
Fitschen, 62, who manages Deutsche Bank’s domestic business, will serve in his new capacity for three years until 2015, while Jain has a five-year contract until March, 2017.
This raises the possibility for Jain to take over as the sole head of the world’s fourth largest investment bank when Fitschen’s term expires.
“I am greatly honoured to lead this wonderful institution together with Mr Juergen," Jain said, responding to the supervisory board’s decision.
Fitschen said, “I cannot imagine a better partner than Anshu to continue the bank’s successful course in the domestic market, as well as abroad."
The supervisory board’s decision was unanimous, with the close involvement of Ackermann in the entire process, Boersig said, according to the statement.
The new leadership will strive for renewal, while ensuring continuity. Thereby, it will create the best conditions for the bank to continue on its successful course, he said.
Jain has been at the centre of the search for a successor to Ackermann and various options explored in the months past focused on keeping the India-born investment banker with Deutsche Bank.
He has earned a great reputation by transforming the company’s investment banking into a profitable business and contributing to the steady growth in its earnings.
Investment banking has a more than 70% share in Deutsche Bank’s overall profits.