Josef Ackerman intends to step down as Deutsche Bank’s CEO no later than 2013, and a major wrench just got thrown into successful plans.
The odds-on favourite of many was Bundesbank President Axel Weber, but then he shocked everyone and took over the reins at UBS this April.
Many now believe that the clear-cut choice would be the head of the corporate and investment banks, Anshu Jain, but there is also widespread belief that the fact Jain is not German (he is from India) will cause Deutsche Bank officials to chose a native successor or make Jain co-CEO with another.
We’ve compiled a list of the front-runners, provided background, listed the pros and cons, and provided some odds.
- Controller of BMW AG
- Head of Finance of Financial Services of BMW US
- Chief Financial Officer of Rolls-Royce Motor Cars Limited of BMW Group.
- Chairman of the Board and Chief Executive of Rolls-Royce.
- Head of Sales and Marketing at BMW Group.
- Joined Deutsche Bank in 2008
Pros: Seasoned, German-educated executive from respected German car company.
Cons: Relatively new to Deutsche Banks and limited banking experience.
Fun fact: Krause is Colombian-born.
Our Odds: 50-1
- Assistant to the President of the Swiss Federal Banking Commission in Berne.
- Various management positions at Credit Suisse
- Joined Deutsche Bank in 1996 as Head of Global Markets Credit in London. Named Chief Credit Officer in 2000 and Chief Risk Officer in 2004.
- Chairman of fund subsidiary DWS.
Pros: Qualified, respected and faithful employee with strong track record in risk management.
Cons: His position lacks any real power within Deutsche Bank corporate structure.
Fun fact: Has a doctorate in economics.
Our Odds: 25-1
- Joined Deutsche Bank's IT division in 1990.
- Joined the Transaction Services division's management team in 1998.
- Named Head of Private & Business Clients in 2002
- Named to Management Board in 2009.
Pros: Loyal employee that has proven himself consistently as he has risen through the internal ranks. As youngest member of Management Board, his appointment would signal a commitment to the bank's ongoing evolution.
Cons: He's the youngest member of the board and might lack the seasoning. Could be turned to in the future.
Fun fact: Has a Master's Degree in Information Technology.
Our Odds: 10-1
- Corporate banking officer, Citibank Germany.
- Joined Deutsche Bank in 1987.
- Head of Deutsche Bank's operations in Singapore, Thailand and Japan.
- Named Head of Corporate and Investment Banking in 2001.
- Named Head of Regional Management Worldwide in 2005.
Pros: Fitschen is an institution within Deutsche Bank and has the kind of far-reaching relationships both within and without the bank that will be necessary for a new chairman. He is also heading the search committee for the new chairman.
Cons: At 62, he is close to retirement and considered too old by many inside the bank. He is also rumoured to be not terribly popular amongst younger executives at Deutsche Bank.
Fun fact: Fitschen met his wife while on assignment for Deutsche Bank in Asia during the 1980's.
Our Odds: 5-1
- Managing Director, Merrill Lynch.
- Pioneered securities hedge fund coverage for Merrill.
- Joined Deutsche Bank in 1995 as global head of derivatives.
- Named co-head of Corporate and Investment Banking in 2004.
Pros: Jain's position makes him a de facto number two to Ackerman and his experience is an impeccable background for a global CEO.
Cons: He's not German.
Fun fact: He was the recipient of Risk Magazine's Lifetime Achievement Award in 2010.
Our Odds: 2-1