leave Frankfurt'. So said the German bank's CEO Josef Ackermann earlier this week, speaking at a university event there. According to The Wall Street Journal, Ackermann said that there wasn't a single planning paper being considered that involves quitting the German city.
There has been speculation for years that Deutsche was going to relocate its corporate HQ away from Germany and the bank's current restructuring plans have given rise again to that very notion. And Rolf Breuer, former Deutsche CEO, and now chairman of the bank's supervisory board, stoked the flames recently when he said that 'Germany is not an ideal location....but that could be changed'.
Now, with the investment bank still generating a vast chunk of Deutsche's profits, an HQ move to London, where most of the division's global heads reside, would make some sense. But, in the current climate, this will just not happen. If anything, the bank's recently announced restructuring plans will increase the prominence of the German domestic market. The bank has even appointed a German 'tsar' to help to kick the bank's retail operations back into gear.
And it's also a matter of corporate power. Breuer, and even maybe secretly Ackermann, might want to reduce the Germanic 'influence' on the bank. But Deutsche just isn't performing at the moment and many of those in power in Frankfurt blame Ackermann, who himself was weakened by that ridiculous trial in Dusseldoff earlier this year.
Ackermann has other things on his mind now. His own future may depends on how successfully he restructures his bank. If he runs out the winner, then he can take on Frankfurt. But not before.