Deustche Bank set to make Anshu Jain joint CEO
Anshu Jain, the 48-year-old Indian head of Deutsche Bank investment banking, is tipped to be named co-chief executive of the German bank, the Frankfurter Allgemeine Zeitung reported on Monday. Passbook updateindia Updated: Jul 12, 2011 01:33 IST
Anshu Jain, the 48-year-old Indian head of Deutsche Bank investment banking, is tipped to be named co-chief executive of the German bank, the Frankfurter Allgemeine Zeitung reported on Monday.
Members of the bank's supervisory board met on Sunday and decided to recommend that Jain, along with Juergen Fitschen, currently head of the bank's German operations, take over from current chief executive Josef Ackermann in 2013.
The decision will quickly be put to the whole board for vote,, the paper said, while warning that the two were not yet assured of a majority.
Fitschen, 63, is considered close to retirement, so his appointment would in effect leave Jain, who does not speak German, in charge. Jain has been running Deutsche Bank's most profitable division.
Anshu Jain, who captains Deutsche Bank's cricket team, until recently owned a stake in the Mumbai Indians, the Indian Premier League cricket team owned by Mukesh Ambani.
Armed with a degree from Delhi University and an MBA in finance from University of Massachusetts Amherst, Jain cut his teeth at Merrill Lynch in New York before moving to his present employer in 1995.
And despite running a division that earned its crust using the kind of opaque investment bets that brought the global financial system close to collapse in 2008, Jain is generally seen as having had a "good" crisis.
He is credited with having managed rapidly to re-organise his division post-crisis and get it back to making money. In the first quarter of 2010, it generated 2.7 billion euros ($3.3 billion) in pre-tax profits.
Since 2002 he has been on the bank's executive committee and since April 2009 a member of the management board, earning an estimated 9.7 million euros last year, 200,000 euros more than the man he might succeed, Josef Ackermann.
First Published: Jul 11, 2011 21:29 IST