Deutsche Bank: Ackermann against Jain as CEO

By SiliconIndia   |   Monday, 30 May 2011, 10:42 Hrs
Printer Print Email Email
Deutsche Bank: Ackermann against Jain as CEO
London: The senior ranks of Deutsche Bank are on the verge of "open warfare" as the process of finding a successor for Chief Executive Josef Ackermann degenerates into animosity, the Financial Times has reported. The German bank has not yet appointed a successor to Ackermann, whose contract runs until 2013, but is widely expected to retire a year early. Under German corporate governance, a successor should be picked by the bank's supervisory board under Clemens Borsig, its chairman.

Three top bankers and two shareholders accused Ackermann of seeking to hijack the succession planning process at Deutsche Bank, the Financial Times reported. Ackermann, who has headed Deutsche since 2002, has until now has been a unifying force, bridging the cultural divide between its domestic heartland and it's largely London and New York-based investment bank, led by India-born Anshu Jain, the daily noted.

However, a Frankfurt-London gulf appears to be re-emerging as the process of picking a successor to the Switzerland-born chief executive stalls, it added. "Ackermann appears increasingly opposed to the idea that the next CEO should be Jain who is preferred by many shareholders." Deutsche generates most of its profits within Jain's corporate and investment bank. "Any lengthy struggle over the leadership issue could be adverse to Deutsche's ambitions to build its business further in the U.S. and Asia and also create a distraction from legal issues facing the bank in the U.S., including a civil fraud suit brought by the Department of Justice," the report notes.

First things first. "Made In Heaven" is the sexiest webseries India has produced, no doubt about i..
Startup City
India Accelerator, a GAN partnered, mentorship-driven, acceleration program hosted ‘The Inner Ci..
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suffere..
Hinduja Global Solutions here on Monday said it has set up a centre of excellence to train disable..
Enterprise IT
PayByPhone, the global leader in mobile parking payments, today announced that it will appoint And..
Chipset-making giant Qualcomm has listed chipsets such as Snapdragon 855, 845, 710, 675 and 67..
US Indian
An Indian-American teenager has been conferred with the 2019 National STEM (Science, Technolog..
The Department of Telecommunications (DoT) in consultation with the Finance Ministry plans to spli..
IIT Roorkee organized an MoU exchanging ceremony between the Govt. of India Department of Scie..