Jain reorganizes senior management team as Deutsche posts mixed Q2 results
|By Poorna Harjani|
Deutsche Bank’s corporate and investment banking division, headed by Anshu Jain and his newly formed executive committee of 15 members, has recorded second-quarter net revenues of €4.7 billion, compared with €5.3 billion in the second quarter of 2009. Total group net income for the period was €1.2 billion.
After Jain had spent six years as co-head with Michael Cohrs, Cohrs stepped down, leaving Jain to be named the sole head for Deutsche’s corporate and investment banking division.
Jain’s experience has always been in the markets division of Deutsche. Cohrs was responsible for traditional investment banking, corporate finance and advisory. This meant Jain needed to reinforce leadership of his markets business, as his attention focused on additional businesses, while at the same time providing clear management responsibility for Cohrs’ old business lines.
As part of the management rejig, Loh Boon Chye – who received an award for outstanding contribution to financial markets in Asia from Euromoney this year – takes charge of the entire region for the investment bank. Brett Olsher becomes head of emerging markets coverage.
In his first interview since being appointed sole head of the corporate and investment bank, Jain told Euromoney of the challenges he expected to face.