Deutsche Bank AG, Germany’s biggest bank, may name investment-banking head Anshu Jain co-chief executive officer alongside a German-speaking board member to succeed Josef Ackermann, people familiar with matter said.
Josef Ackermann, a beacon of corporate Germany as chief executive officer of Deutsche Bank AG for the last nine years, may become the first top manager to skirt rules the lender espoused to toughen management supervision.
Deutsche Bank AG is likely to risk the pitfalls of dual chiefs to keep investment-banking head Anshu Jain while allaying doubts in Germany about his ability to fulfill the political role of leading the nation’s biggest bank.
Deutsche Bank AG supervisory board chairman Clemens Boersig said stricter regulations such as higher capital requirements will come and the German bank is well prepared for the changes. He commented in a speech to shareholders today in Frankfurt.
Deutsche Bank AG ’s longer-term bonuses for management board members will be partially based on the company’s stock performance compared to six peers, including Goldman Sachs Group Inc. and BNP Paribas SA.
Deutsche Bank AG will pay about 925 million euros ($1.27 billion) to settle a 12-year-old dispute with the heirs of Leo Kirch over the collapse of his media group, according to two people familiar with the matter.
With speculation reviving over who will succeed Josef Ackermann as chief executive officer of Deutsche Bank AG , the company will have to decide how German the leader of Germany’s biggest bank must be.
Twelve days into his job as co- chief executive officer of Deutsche Bank AG, Anshu Jain stood beside Germany’s finance minister and in front of video images of lush forests and rolling rivers as hundreds of businessmen sang the national anthem.