Indian exec touted as next Deutsche Bank boss

Anshu Jain, the 48-year-old Indian head of Deutsche Bank investment banking, is tipped to be named co-chief executive of the German bank, the Frankfurter Allgemeine Zeitung reported Monday.

Indian exec touted as next Deutsche Bank boss
Photo: DPA

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.

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.


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Deutsche Bank set ‘to cut ties with Trump’

Deutsche Bank will cease its longstanding relationship with outgoing US president Donald Trump, The New York Times reported on Tuesday.

Deutsche Bank set 'to cut ties with Trump'
Deutsche Bank's headquarters in Frankfurt. Photo: DPA

Deutsche Bank was Trump's primary lender for two decades, and he owes the institution more than $300 million, according to the newspaper, which cited an unnamed source as saying the German lender “has decided not to do business with Mr. Trump or his company in the future.”

Deutsche Bank declined to comment to AFP.

The move comes on the heels of last week's violent attack on the US Capitol by Trump supporters at the president's incitement, and follows steps taken by other companies to cut ties with Trump and his businesses.

READ ALSO: Trump under investigation for Deutsche Bank ties

Christiana Riley, head of Deutsche Bank's US division, called the violent
siege on the Capital “a dark day for America and our democracy” in a post on LinkedIn last week.

“We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” Riley said.

“It is my hope that these shocking events will result in a reinvigoration
of the principles our nation was built upon.”

Trump's relationship with Deutsche Bank has sparked numerous probes in the United States, including in New York, where the Manhattan District Attorney is investigating whether Trump committed financial crimes as he sought loans.

READ ALSO: 'Worlds between us': What Trump's German family's town thinks of him today