Deutsche Bank picks pair to replace Ackermann

25th July 2011, Comments 0 comments

The biggest German bank, Deutsche Bank, said Monday it would replace outgoing chairman Josef Ackermann with the German-Indian duo of Juergen Fitschen and Anshu Jain from May 2012.

Fitschen, 62, currently heads the Deutsche Bank's German unit, while Jain, 48, runs the core corporate and investment banking division.

Ackermann, 63, is to be elected to the Deutsche Bank supervisory board and eventually replace Clemens Boersig as its chairman, keeping his experience and deep contacts with Germany's political elite inhouse.

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

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

The 141-year-old Deutsche Bank has had a leadership duo -- a management model widely seen as outdated -- before, although not since the 1980s, and it remains to be seen if this one will work, according to analysts.

Jain is a high-flying London-based investment banker who does not yet speak German, while Fitschen is a German veteran of the old school who has also done stints in Asia and London.

Both hailed the decision and said they would 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 "Im humbled and honoured at having been asked to lead this great institution together with Juergen."

© 2011 AFP

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