Deutsche Bank chief to end term in 2013: report

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The head of Germany's biggest private bank, Deutsche Bank, does not intend to renew his mandate beyond 2013 when he turns 65, Focus magazine reports in its Monday issue.

"Prolonging one's term indefinitely until one falls off the chair is not a solution," bank head Josef Ackermann said in an interview.

According to the magazine, Ackermann "categorically" denied rumors that his contract would be extended three more years to 2016.

In 2009, his contract was extended until 2013 after no suitable candidate was found to replace him.

Anshu Jain, who heads Deutsche Bank's investment banking division, is reportedly favoured for the job.

In December, the weekly Manager Magazin reported that German central bank chief Axel Weber was a possible candidate to replace Ackermann.

© 2011 AFP

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