Jain poised for DB throne

DEUTSCHE Bank is nearing the end of a long search for a new chief executive, with Anshu Jain, head of the UK investment bank, understood to be on the cusp of being appointed co-head of the group.

After a weekend of crunch board talks, Jain is likely to be one of two candidates to replace current CEO Josef Ackermann, who is keen to stand down. The mooted appointment of former Bundesbank governor Axel Weber was scuppered recently by Swiss rival UBS, which moved quickly to secure Weber as its new chairman.

Jain, whose appointment has not yet been confirmed, is unlikely to be permitted to take sole control of the bank, however, due to his purely investment banking background.

Those who could succeed Ackermann at his side include Jürgen Fitschen, head of the German division, and Rainer Neske, head of retail banking.