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Anshu Jain becomes Deutsche Bank co-CEO

Press Trust of India  |  Berlin 

The 49-year-old Jain, well known for his investment acumen, takes over the reins of the German lender amid European debt turmoil and regulatory hurdles staring at global 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

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 -- 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 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 realise 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, J

First Published: Fri, June 01 2012. 17:55 IST