Will Deutsche Bank have a CEO who doesn’t speak German?
While the official announcement by the bank is awaited, it is strongly speculated that Anshu jain, the 48 year old banker of Indian descent?and living in London will become the joint CEO of Deutsche Bank together with his management board colleague Jurgen Fitschen.
The current CEO of the bank, the 63 year old?incubent Josef Ackermann, is set to retire in May, 2013, after nine years in office. Fitschen, at age 63, is considered close to retirement, and that his appointment would in effect leave Jain in charge.
One earlier proposal was to nominate Jain as the sole head of the financial institution while Ackermann moves into the supervisory board so that he can continue to carry out high-level networking in German politics, a skill which London-based Jain lacks.
However, this plan fizzled out after Ackermann decided not to join the supervisory board.
It is hoped that Fitschen, who has good contacts to the centres of power in Berlin , can carry out the lobbying work until Jain builds up his political contacts to match the stature of the bank and improves his ability to communicate in German.
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 the Indian businessman Mukesh Ambani.
Mr. Jain, a native of Jaipur, India, started his Wall Street career at Kidder Peabody. He had served at?Merrill Lynch before moving to?Deutsche, where he flourished selling high-value financial products like?derivatives and interest rate swaps to hedge funds and other sophisticated investors.