Axel Weber’s decision to join Switzerland’s UBS AG robs Deutsche Bank AG of a potential replacement for Chief Executive Officer Josef Ackermann and adds to pressure on Germany’s biggest bank to map out a succession plan, investors said.
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.
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.
When Juergen Fitschen and Anshu Jain take over as co-chief executive officers of Deutsche Bank AG this week they’ll be reviving a tradition of dual leadership at Europe’s largest bank that ran from the 1960s to the 1980s.
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.
Anshu Jain and Juergen Fitschen, who take over as co-chief executive officers of Deutsche Bank AG at the end of May, reorganized the company’s management as they began to put their mark on Germany’s largest bank.
Anshu Jain, who takes over as co- chief executive officer of Deutsche Bank AG at the end of May, took the biggest pay cut on the firm’s management board after a drop in revenue at his corporate- and investment-banking unit.