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Anshu Jain to take over as CEO of Deutsche Bank
By siliconindia
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Monday, 21 June 2010, 20:38 IST
Berlin: In a major reshuffle of boardroom hierarchy, Deutsche Bank nominated Anshu Jain as a leading contender for the post of the CEO. Jain, 47, is presently appointed as the sole head of corporate and investment banking division.
Jain will assume the responsibilities of Michael Cohrs, head of global banking who will retire from Deutsche Bank at his own request in September.
This has strengthened Jain's chances to succeed Chief Executive Josef Ackermann. However, there are other potential candidates including Chief Risk Officer Hugo Baenziger and Rainer Neske, Head of Private and Business Clients. Nonetheless, the post will be filled by an internal candidate in all probabilities.
In any case, Jain has got an upper hand as Deutsche's corporate banking and securities division as it accounted for 93 percent, or almost 2.6 billion euros, of group pretax profit in the first quarter.