Deutsche Bank to name co-CEOs Tuesday: reports

24th July 2011, Comments 0 comments

Deutsche Bank will appoint on Tuesday an Indian investment banker and a German executive to run jointly Germany's biggest private lender from mid-2012, press reports said Sunday.

Anshu Jain, currently head of Deutsche's investment banking division, will replace the Swiss Josef Ackermann as chief executive officer when he becomes supervisory board chairman, the Bild and Welt am Sonntag newspapers said.

But since the high-profile job of Deutsche Bank chief requires close contact with Germany's political and business elite, Jain -- said to speak no German -- will have veteran Juergen Fitschen as co-CEO, the Welt am Sonntag said.

The Bild daily said in an article to be published on Monday however that there are now doubts over whether Fitschen will be appointed, with Hugo Baenziger and Rainer Neske other possible candidates.

The changes follow a power battle between Ackermann and the current supervisory board head Clemens Boersig, who will now step down early at Deutsche's annual shareholders' meeting in late May 2012, reports said.

Contacted by AFP, a spokesman for Deutsche Bank confirmed that the supervisory board will meet on Tuesday, when the bank will also publish quarterly results, but declined to comment on the press reports.

© 2011 AFP

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