Delhi boy Anshu Jain bats as co-CEO at Deutsche Bank | india | Hindustan Times
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Delhi boy Anshu Jain bats as co-CEO at Deutsche Bank

india Updated: Jul 27, 2011 02:23 IST
Deutsche Bank

Deutsche Bank on Monday appointed Anshu Jain as the co-CEO to succeed chairman Josef Ackermann, who vacates office in May next year. The bank made the announcement after a special meeting of its supervisory board.

Cricket-lover Jain, 48, the head of the bank’s highly successful investment banking division based in London, will take over the leadership of Germany’s largest bank together with his management board colleague Juergen Fitschen.

Jain could eventually become standalone chief executive, with Deutsche Bank saying his contract would be extended by five years until March 2017. Fitschen’s contract is set to expire almost two years before that.

Fears that the bank could neglect its German roots and expand risk-taking activities prompted key members of the supervisory board to opt for the dual CEO model, adding Fitschen’s contact book in Germany to Jain’s ability to deliver profits.

Ackermann will remain the head of the supervisory board.

The bank also reported a 6.2% rise in second-quarter net profit at €1.2 billion ($1.7 billion) on Tuesday after taking a charge of €155 million stemming from the Greek debt crisis.

The bank also warned it may miss its goal of generating €6.4 billion pretax profit ($9.2 billion) from investment banking due to the European crisis. It, however, reaffirmed its aim to deliver €10 billion for the group as a whole.

Reuters, PTI & AFP