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Deutsche Bank Investment Bank Overhauled

Monday, 26 Jul 2010 11:13 AM

Anshu Jain tightened his grip on Deutsche Bank's investment bank by installing a 15-member management team of mostly company veterans, a day before the lender is due to publish its second-quarter earnings.

The changes introduced by Jain, who is favourite to succeed Josef Ackermann as Deutsche Bank's chief executive, mark an evolution in Deutsche's strategy, with the bank focused on three main areas: corporate finance, markets and transaction banking.

The reshuffle more closely integrates a division previously run by former investment banking co-head Michael Cohrs, who has left Jain to take over sole responsibility from July 1.

But Deutsche will add three new positions to the Corporate and Investment Banking committee that heads up the investment bank to represent the growth regions Asia Pacific, North America and emerging markets, the bank said on Monday.

With the exception of Jeff Mayer, who is set to join the bank from UBS in the next couple of months, and Ram Nayak, who joined from Credit Suisse in 2009, the committee consists of Deutsche Bank veterans who have worked for the Frankfurt-based lender for at least five years.

Deutsche's corporate banking and securities division -- part of the investment bank -- accounted for 93 percent, or almost 2.6 billion euros ($3.36 billion), of group pretax profit in the first quarter.

As part of its medium-term target of reaching about 10 billion euros of annual group pretax profit by 2011, Deutsche Bank is betting that the division can deliver 6.3 billion euros amid shrinking margins.

Ackermann has said he intends to stay on as chief executive until his contract expires in April 2013 but has initiated talks over succession planning to avoid the kind of uncertainty that left a question mark over the bank's leadership in the run-up to his contract extension in 2009.

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Anshu Jain tightened his grip on Deutsche Bank's investment bank by installing a 15-member management team of mostly company veterans, a day before the lender is due to publish its second-quarter earnings. The changes introduced by Jain, who is favourite to succeed Josef...
deutsche bank
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2010-13-26
 

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