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Deutsche Bank unveils leadership duo

The Local · 26 Jul 2011, 06:34

Published: 26 Jul 2011 06:34 GMT+02:00

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Anshu Jain, 48, and Jürgen Fitschen, 62, were named joint chairmen of the Frankfurt-based bank to succeed the Swiss Josef Ackermann, 63, when he becomes chairman of the supervisory board.

The board mandates for Fitschen and Jain were also extended for three and five years, respectively, a statement said.

Jain, originally from northwest India, currently heads Deutsche's most powerful section, its corporate and investment banking division, which accounts for the lion's share of group revenues and profits.

He first cut his teeth at Merrill Lynch in New York before moving to his present employer in London in 1995, and was generally seen as having had a "good" 2008-09 financial crisis, quickly returning his unit to profit.

The cricket-mad banker, who captains the bank's team in London, has long been groomed by Ackermann to step into his shoes running a bank so international that half of its 100,000 employees are outside Germany.

"I fully endorse the decisions taken by the supervisory board today," the statement quoted Ackermann as saying.

Boersig said the bank wanted to retain Ackermann to "continue to profit from his knowledge, experience and professional network."

A large part of the chairman of the 141-year-old bank's job is to hobnob with the country's political and business elite.

Ackermann has become the German banking industry's main contact person for the German government as the eurozone debt crisis escalated in recent months, writing newspaper commentaries and appearing on television.

Deutsche also has significant private and retail banking operations, not least in Germany, areas which are being expanded via acquisitions and which Jain, more at home in London's City or on Wall Street, would also have to run.

This is all something that Jain, who doesn't speak German - although he is said to be learning - is expected to be find tough, hence the decision to appoint a veteran German banker to run the bank alongside him.

They vowed on Monday to make a dynamic duo.

"I could ask for no better partner than Anshu in building further on the banks success in our home market and worldwide," Fitschen said.

Jain commented meanwhile that "I'm humbled and honoured at having been asked to lead this great institution together with Jürgen."

Fitschen "is seen as the face of Deutsche Bank in the national economy," the Frankfurter Allgemeine Zeitung daily said in a recent profile. "He has everything that Jain doesn't have, and still gets on well with him."

Story continues below…

Fitschen did not join Deutsche Bank until he was nearly 40, but his rise has been steady, with stints in Asia and London before becoming head of the bank's Germany unit in 2005 and Ackermann bringing him onto the board in 2009.

Die Welt daily said he is seen in the bank as a "nice guy ... but too nice." He and Jain worked together in London, and the Indian is "Jürgen's biggest fan," the paper quoted an anonymous colleague as saying.

Deutsche Bank has had a leadership duo - a management model widely seen as outdated - before, although not since the 1980s, and it remains to be seen if this one will work, according to analysts.

"It is a model that is prone to problems," Konrad Becker, banking analyst at Merck Finck, said. "It always runs the risk of their being a clash of personalities and rivalries and so on ... It depends on the personalities, how they get on. It is a risk."


The Local (news@thelocal.de)

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Your comments about this article

08:23 July 26, 2011 by Kanji
Two in a box? will it work? maybe......
12:39 July 26, 2011 by Englishted

Maybe NOT.
12:50 July 26, 2011 by ejbcpa1
I think this is an absolutely cowardly move by the Supervisory Board of DB. By all accounts for months it has been said Jain is the best option to run the bank however he doesnt land the Chariman position because he does not speak German. Or it that he is NOT German. This is an international bank and therfore does not need to be run by a German a lesson that must be learned here.
13:01 July 26, 2011 by Englishted
But does this mean two giant bonuses ,but split the criticism in half.


He must speak German ,even if he is not German ,or is every employee of the bank perfect in their English? ,I find it hard to understand a strong Indian accent.
14:22 July 26, 2011 by ChrisRea
@ Englishted,

The present article states that Jain does not speak German ("Jain, who doesn't speak German - although he is said to be learning -"). A previous article on this subject said also that Jain does not speak German.

He was already working at Deutsche, so apparently the people he has contact with speak workable English. I doubt that he has to talk to all employees.
15:59 July 26, 2011 by Jimberlin
@ ChrisRea: you are right..

@Englished: A chairman does not fool around in a branch office everyday to talk to lower / middle management. May be one day you'll realize when you work in a bigger firm. And who cares if have hard time understanding Indian English accent.. he is not gonna talk to you ;)
16:09 July 26, 2011 by mshameemahmed
I wish Jain, All the best for his new position. Learning German is good option but its not mandatory to work in International Environment. As EveryOne can speak good English in International level company like DeutscheBank or others.

But Outside his work, Its good to learn German.
17:45 July 26, 2011 by anantmbhat
@ Englishted,

the investors of DB wont care about Jains English, after all he was running most profitable unit of the bank earning more than Josef Ackermann. Its Bank not a language company
10:28 July 27, 2011 by PawD
I can speak from my own experience in trying to learn German... it is possible to learn this language and speak it fluently only if you leave what you are doing presently and devote your self to this language 24X7... so I have every doubt that Anshu Jain will ever manage to learn any German!
15:53 July 28, 2011 by charlenej
The biggest issue is that Jain was/is in charge of the same dirty dept that brought down world markets. He had a "good" crisis because he was able to continue to screw us all and deliver profits? This is the LAST person I want in charge of a major bank. It will be more of the same and this time THE guy who did it is in charge of everyone. This is a disaster. A total disaster.
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