Anshu Jain appointed co-CEO at Deutsche Bank
26 Jul 2011
Global investment bank and Germany's flagship bank Deutsche Bank has appointed India-born Anshu Jain as co-head along with Juergen Fitschen to lead the lender's business in Germany, from 2012.
The elevation of Jain, who heads the investment banking division, comes ahead of the German banking major reporting a decline in its core investment banking division.
London-based Jain, 48, will take over from Josef Ackermann in May 2012, and will operate alongside Fitschen, 62.
Jain's elevation to the top post follows consistent performance of his department that has been delivering up to 85 per cent of group profit despite challenging market conditions.
Jain, who joined Deutsche Bank in 1995 from Merrill Lynch, has become Deutsche's highest paid board member, earning 12 million euros ($17.2 million) for his performance in 2010 - exceeding the 8.99 million euros awarded to Ackermann.
Jain has also played high-profile behind-the-scenes role as mediator between business and politics. He had served as a member of the Indian prime minister's working group on investment, and as a member of Deutsche Bank's team advising the British Treasury on financial stability.