TL;DR "1938" IYKYK
that'll shock many bayer of today
germans protested about having a swiss head of deutsche bank about 20 years ago. ackermann.
then when an indian running their most profitable arm in london was next up to take over, they instituted a "dual CEO" structure, rather than put an indian in charge.
a Nap to run the bank.
and a creh to assure the germans that a gringo was still really in change.
"Anshu Jain, Deutsche Bank's India-born, London-based head of investment banking, has been appointed as joint chief executive, along with Germany head Jürgen Fitschen, 62 years old.
Jain, 48, is expected to run the operational side of the bank and to play the leading role in setting its long-term strategy, while Fitschen is expected to manage the bank's corporate, public and political relationships in Germany, according to analysts and people familiar with the bank's plans."
"The bank has resorted to a dual chief executive structure for the fourth time in its history, despite the potential for conflict and even a power struggle between the two, because handing the reins to Jain alone is seen as too much of a culture shock, according to people familiar with the matter.
Jain's lack of German language and cultural fluency could make him hard to digest for parts of the German public and media. Even the Swiss Ackermann - a native German speaker - was criticised by some observers for being too foreign and insufficiently familiar with German political sensibilities when he became chief executive."
"At Deutsche Bank, Mr. Jain faced obstacles as an immigrant, including episodes of racism, colleagues said. “The local media insisted on pointing out, in just about every story, that he was Indian,” Mr. Enrich wrote. Mr. Fitschen, he added, “apologetically explained to one colleague that Germans didn’t look fondly upon outsiders in the banking sector.”"
As co-chief executive, he helped remake the German company into an investment banking power, but stepped down after the complex activities he pushed caused regulatory problems.
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