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Indian exec touted as next Deutsche Bank boss

The Local · 11 Jul 2011, 09:35

Published: 11 Jul 2011 09:35 GMT+02:00

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This followed a meeting on Sunday of members of the bank's supervisory board who decided to recommend that Jain, along with Jürgen Fitschen, currently head of the bank's German operations, take over from current chief executive Josef Ackermann in 2013.

The decision will quickly be put to the whole supervisory board, the paper said, while warning that the two candidates were not yet assured of a majority vote.

The main problem resides in the fact that Fitschen, at age 63, is considered close to retirement, and that his appointment would in effect leave Jain in charge.

Jain, who has spent much of his career in London, does not speak German. He has been responsible for running Deutsche Bank's most profitable division.

The banker, who captains Deutsche Bank's cricket team, until recently owned

a stake in the Mumbai Indians, the all-star Indian Premier League cricket team

owned by the super-rich Mukesh Ambani.

Armed with a degree from Delhi University and an MBA in finance from University of Massachusetts Amherst, Jain first cut his teeth at Merrill Lynch in New York before moving to his present employer in London in 1995.

And despite running a division that earned its crust using the kind of opaque investment bets that brought the global financial system close to collapse in 2008, Jain is generally seen as having had a "good" crisis.

He is credited with having managed rapidly to re-organise his division post-crisis and get it back to making money. In the first quarter of 2010, it generated €2.7 billion ($3.3 billion) in pre-tax profits.

Story continues below…

Since 2002 he has been on the bank's executive committee and since April 2009 a member of the management board, earning an estimated €9.7 million last year, 200,000 euros more than the man he might succeed, Josef Ackermann.

Swiss-born Ackermann is believed to have wanted former German central banker Axel Weber to succeed him, but Weber has instead decided to head the Swiss rival bank UBS.


The Local (news@thelocal.de)

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Your comments about this article

11:08 July 11, 2011 by jamesbondking
wow nice to c a person not knowing deutsche , holding such a high position !!
11:51 July 11, 2011 by freechoice
now i know why they are heavily recruiting Indians in some South East Asian branch of Deutsche Bank.
13:34 July 11, 2011 by harcourt
#1 That's a bit of an assumption unless you know him personally !!
14:16 July 11, 2011 by jamesbondking
Jain, who has spent much of his career in London, does not speak German.

its not an assumption
12:21 July 12, 2011 by harcourt
Fair enough then he shouldn't even get the green card !!
14:16 July 12, 2011 by minga
You will be surprised at the number of people on the boards on top German companies who cannot speak German.
18:46 July 12, 2011 by Jack Kerouac
" it generated €2.7 billion ($3.3 billion) in pre-tax profits."

wow, taxes took 600 MILLION Euros from Deutsche Bank's investment division profits? Unbelievable.
16:11 July 13, 2011 by mypapawasss
Comment: catjones said "Germany's miracle economy has more than enough money to pay the world's debts. Nothing can stop this leviathan, this envy of the world. It will go on forever."

The only thing that will go on forever is the continued enslavement of the German worker in order to ensure our zionist masters get fat and rich. I think they refer to us as their useful goyim. LOL.
22:49 July 13, 2011 by ChrisRea

Since when is it necessary to be able to speak German in order to get a German work permit? Last time I checked there was no such provision. Can you please point out the relevant piece of law? By the way, is the term "green card" not referring only to immigrants in the US? I think in the UK and other European countries it has a fully different meaning (something like an international insurance document for motorists).
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