Deutsche Bank: Ackermann against Jain as CEO

Monday, 30 May 2011, 15:02 IST
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Deutsche Bank: Ackermann against Jain as CEO
London: India-born Anshu Jain may be a favourite of many shareholders in the search for the next CEO of Deutsche Bank but the incumbent Josef Ackermann does not seem to favour him, the Financial Times reported. Jain, head of Investment banking, which is the most profitable business of the German-based banking giant. Attributing to sources, the report said, "Ackermann appears increasingly opposed to the idea that the next CEO should be Jain -- the favourite of many shareholders." The daily said that the senior ranks of Deutsche Bank are on the verge of "open warfare" as the process of finding a successor to Ackermann "degenerates into acrimony". The German bank has not yet appointed a successor to Ackermann, whose contract runs until 2013. Under German corporate governance, a successor should be picked by the bank's supervisory board under Clemens Borsig, its chairman.
Source: PTI