Tags: Anshu Jain, Deutsche Bank, don't make him storm the castle Citi, Germans, Josef Ackermann, kingdoms, Larry Fink, motives, princes
Anshu Jain is the head of Deutsche Bank’s Corporate & Investment Bank, sits on the management committee and oversees operations that produce upwards of 90 percent of the firm’s profits in any given quarter. He’s considered a “star” at DB and among those who follow his work and with CEO Josef Ackermann’s contract expiring in 2013, many believe AJ should be named the successor. According to portfolio manager (and shareholder) Lutz Roehmeyer, “Mr. Jain deserves to run Deutsche Bank” and if you ask BlackRock’s Larry Fink, he’ll tell you “Anshu has done a fantastic job…He would make a very good chief executive at Deutsche.” Unfortunately, there are a few problems, not the least of them being Germany’s need to examine its motives.
“In Germany, no one can imagine an Indian working in London who does not speak German being the C.E.O. of Deutsche Bank,” said Roehmeyer.
There’s also the matter of Ackermann seeing it as “his legacy to crown a successor in his own statesman-like mold — perhaps Axel A. Weber, the recently departed head of the German central bank” and the board being “wary of choosing a bond and derivatives technician at a time when the practices of all major banks are still being scrutinized.” Regardless, this is his time, this is his moment, and this is going to happen for AJ.
According to Fink, Jain would make a great CEO not just of DB but “any other top financial institution.” Don’t take that as a threat, just a fact. If Ackermann won’t pass the crown to Anshu, he’ll just have to find someone else who will. “Anshu is the best non-CEO working at a major bank,” Robert Flohr a senior search executive at Heidrick & Struggles told the Times. “He is the prince. All he needs is a kingdom.”
Who’s got something available?
A Star Faces Barriers to Deutsche Bank’s Top Job [NYT]