Deutsche's Corporate & Investment Bank Has A New Boss

Here's the Deutsche Bank press release.

'Frankfurt am Main, June 15, 2010

At its meeting today, Deutsche Bank's Supervisory Board approved the request of Michael Cohrs, Co-Head of the Corporate and Investment Bank and Head of Global Banking, to retire from the Management Board and the bank at the end of September 2010.

Cohrs will maintain close ties to Deutsche Bank as a member of its European Advisory Board, which he will join on 1 October 2010.

His responsibilities as Head of Global Banking will be assumed by Anshu Jain, Head of Global Markets and Cohrs' longtime Co-Head of the Corporate and Investment Bank. Jain will be the sole head of the Corporate and Investment Bank going forward.

To ensure a smooth transition, Cohrs will transfer his responsibilities as Head of Global Banking to Jain on 1 July 2010, and will continue to work with him as a Management Board member until the end of September.

Dr. Clemens Börsig, Chairman of the Supervisory Board of Deutsche Bank, said: 'The Supervisory Board would like to thank Michael Cohrs for his many years of successful work on behalf of Deutsche Bank. We are pleased that he will retain close ties to the bank in an advisory capacity. We wish Anshu Jain every success with his additional responsibilities'.

Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, said: 'I regret that Michael Cohrs will be leaving our longstanding management team. He led the Corporate Finance and Global Transaction Banking businesses into the world's premier leagues. For this and for the many years we enjoyed working with him as our colleague, the Group Executive Committee is very grateful to him. Anshu Jain is taking over a strong business division. We are confident that he will build on this success'.

Jain is now thought to be in pole position to take over from Ackermann as Group CEO when he steps down (which many feel will be sooner rather than later).

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