Succession: Deutsche off target as co-CEOs announced
Q2 numbers put €10 billion target in jeopardy; Jain and Fitschen to take over from Ackermann.
The succession issue at Deutsche Bank has been resolved with the appointment of Anshu Jain and Jürgen Fitschen as co-chief executives
The succession issue at Deutsche Bank has been one of the longest-running sagas in financial markets. Finally, at the end of July, the German bank announced its plans.
At first glance it looks like a fudge, but probably a necessary one. Anshu Jain, responsible for most of Deutsche’s group profits over the course of his 10 years in charge of its corporate and investment bank, will take half of the reins from next year.
His co-chief executive will be Jürgen Fitschen, currently the bank’s chief executive in Germany and also responsible for its regional management worldwide.
The pair will succeed Josef Ackermann, CEO of the bank since 2002, who will hand over day-to-day management responsibility a year earlier than planned. Rather than head into retirement, Ackermann has been nominated to succeed Clemens Börsig as chairman of Deutsche’s supervisory board.