Deutsche Bank names Anshu Jain as sole investment bank chief

16 June 2010

Deutsche Bank has announced a change to the structure at the top of its investment banking arm.

Anshu Jain is to take over the responsibilities of Michael Cohrs at the head of the division.

Mr Jain has been co-head of the investment bank since 2004 and is now to be put in sole charge as Mr Cohrs retires from his role, with the promotion taking effect from July 1st.

He is considered as a potential successor to Josef Ackermann, Deutsche Bank's chief executive officer, whose contract with the firm currently runs until 2013.

In the first quarter of 2010, around 90 per cent of Deutsche Bank's profit came from its investment banking operations.

Manfred Jakob, an analyst at SEB AG, told Bloomberg: "Jain has earned the promotion after effectively expanding sales and trading and becoming the biggest profit driver."

Deutsche Bank reported net income of €1.39 billion ($2.39 billion) for the first three months of the year.

By Gary Cooper

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