Deutsche CEO 'haunted' by rainmaker role

Ghost

Anshu Jain won the job of Deutsche Bank co-chief executive officer after leading its investment bank to record profit. Two years later that rainmaker role is coming back to haunt him.

Bloomberg reports that at the heart of the challenge for the one-time derivatives salesman is declining market share in fixed-income and potential fines arising out of industry wide investigations into the alleged manipulation of interest rates, currencies and gold after the bank spent at least $6bn on settlements and penalties since 2009.

The alleged improprieties, most of which date to when Jain led the investment bank from 2004 to 2012 and Josef Ackermann was CEO, have strained relations with regulators and prompted probes of business practices from Buenos Aires to Milan.

'Ghosts of the past are catching up with the company', Michael Huenseler, who helps manage $15.2bn, including Deutsche Bank shares and bonds at Assenagon Asset Management SA in Munich, said in a phone interview. 'Many of the problems they face hail from the investment bank, which Jain ran. He’s under pressure to keep Deutsche Bank out of the headlines and focus on fulfilling its potential'.

To access the complete Bloomberg article hit the link below:

Jain Haunted by Rainmaker Past at Deutsche Bank

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