Deutsche Bank has appointed Anshu Jain, its Indian head of investment banking, and Germany head Jürgen Fitschen as co-CEOs, The Wall Street Journal reports. The duo will replace CEO Josef Ackermann, who will step down as CEO in 2012 but remain at the bank in a senior role.
Jain is expected to manage the operational side of the bank and play the leading role in setting long-term strategy, while Fitschen may run the bank’s corporate, public and political relationships in Germany. Jain’s contract will be extended for five years through 2017, while the firm will extend Fitschen’s contract by three years until 2015.
Click here for the story from The Wall Street Journal.