From bolstering the banking giant’s financial position to boosting his own standing in German circles,India-born Anshu Jain is likely to have his hands full as he begins the tenure as co-CEO of Deutsche Bank on Friday. The 49-year-old Jain,well known for his investment banking acumen,takes over the reins of the German lender amid European debt turmoil and regulatory hurdles staring at global banking system. Jain along with Juergen Fitschen would be steering Deutsche Bank,which rakes in most of its profit from international operations.
According to observers,one of non-German speaking Jain’s priorities would be to ensure that the group remains focused on retail business even as it strengthens investment banking. Another challenge for Jain would be quite a number of legal issues,especially in the US,related to sub-prime mortgage securities business. Jaipur-born Jain’s huge success in investment banking even during the 2008 financial meltdown has helped him in becoming the co-CEO. It is also likely that he could take over complete charge when Fitschen’s term expires in 2015. Jain’s tenure lasts till March 30,2017.
Prior to this,he was heading Corporate and Investment Banking division that has been contributing over two-thirds of Deutsche Bank’s annual profits in the past few years. Jain-Fitschen duo has taken over the reins from high profile Josef Ackermann,who could not realize his own dream of making Deutsche Bank among the world’s top 14 banks,observers said.
Both were accorded warm welcome during annual meeeting,that was attended by over 7,000 shareholders,yesterday. “My successors,Jürgen Fitschen and Anshu Jain,together with their colleagues on the Management Board and Group Executive Committee and the Supervisory Board,can build on what we have achieved together and continue the success story of this great bank with such a rich history,” Ackermann said at the annual shareholders’ meeting on Thursday.