When we last checked in with Anshu Jain, Deutsche Bank’s head of corporate and investment banking, there were rumors that, despite rave reviews from the likes of Larry Fink and other DB shareholders, he might be passed over for the job of CEO at Deutsche for being (1) not German and (2) “a bond and derivatives technician at a time when the practices of all major banks are still being scrutinized.”
Fortunately for Jain, Deutsche Bank has come partially to its senses and named him to succeed CEO Josef Ackermann, who will step down in 2012. But to preserve DB’s Teutonic je ne sais quoi, Jain will have some homeland supervision: Continue reading »
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. Continue reading »
