Deutsche Bank appoints Anshu Jain, Fitschen co-CEOs

Wednesday, 27 July 2011, 21:47 IST
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Berlin: Deutsche Bank has appointed Mr Anshu Jain as co-CEO to succeed Management Board Chairman, Mr Josef Ackermann, who demits office in May 2012. Mr Jain, 48, head of Deutsche Banks highly successful investment banking division based in London, will take over the leadership of Germany's largest bank together with his management board colleague, Mr Juergen Fitschen, when Mr 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, Mr Clemens Boersig's nomination of Mr Jain and Mr 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 Mr 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. Mr Fitschen, 62, who manages Deutsche Bank's domestic business, will serve in his new capacity for three years until 2015, while Jain Mr has a five-year contract until March, 2017. This raises the possibility for Mr Jain to take over as the sole head of the world's fourth largest investment bank when Mr Fitschen's term expires.
Source: PTI