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Deutsche Bank: Josef Ackermann steps down, Fitschen and Jain co-CEOs

Staff writer |
Frankfurt am Main, Germany - May 31, 2012, Frankfurt am Main, Germany - Josef Ackermann, chairman of the management board and the group executive committee of the Deutsche Bank, officialy stepped down from his position. His position will be split among Jürgen Fitschen and Anshu Jain.

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Mr. Ackermann studied Economics and Social Sciences at the University of St. Gallen, and in 1977, after obtaining his doctorate, joined Schweizerische Kreditanstalt SKA (today Credit Suisse). In 1990, he was appointed to the Executive Board of SKA, becoming its President in 1993.

In 1996, Mr. Ackermann joined the Management Board of Deutsche Bank, where he was responsible for the investment banking division. In 2002, he became Spokesman of the Management Board and Chairman of the Group Executive Committee.

Mr. Ackermann was appointed Chairman of the Management Board on February 1, 2006. Mr. Ackermann is a member of the Supervisory Board of Siemens AG, a non-executive member of the Board of Directors of Royal Dutch Shell plc and a member of the Board of Directors of Zurich Financial Services Ltd.

Mr. Ackermann also plays an active role in the Institute of International Finance, the World Economic Forum, the St. Gallen Foundation for International Studies, the Goethe-Institute’s Business and Industry Advisory Board, the Foundation Lindau Nobelprizewinners Meetings at Lake Constance and the Metropolitan Opera New York.

Mr. Ackermann is an Honorary Fellow of the London Business School and holds an Honorary Doctorate from the Democritus University of Thrace in Greece.

Mr. Fitschen is a member of Deutsche Bank's Management Board since 2009 and a member of the Group Executive Committee since 2002.

Mr. Fitschen studied economics and business administration at the University of Hamburg. He started his career in the corporate banking business at Citibank in 1975, ultimately serving as a member of the Management Committee, Germany.

After joining Deutsche Bank in 1987, Mr. Fitschen held executive positions in Thailand, Japan and Singapore, before becoming a member of the "Global Corporates and Institutions" Divisional Board in 1997, based in Frankfurt. In 2001 he was appointed to Deutsche Bank Group Board of Managing Directors where he was responsible for the "Corporate and Investment Bank".

Since 2002 Mr. Fitschen has been a member of the Group Executive Committee of Deutsche Bank. In 2005 he became Head of the newly established Regional Management worldwide and was appointed as CEO Germany, based in Frankfurt. Mr. Fitschen was appointed to Deutsche Bank Management Board in 2009.

Mr. Fitschen is a member of the Supervisory Boards of Metro AG and Schott AG as well as a member of the Board of Directors of Kuehne+Nagel International AG.

Mr. Jain has been a member of Deutsche Bank's Management Board since 2009 and the Group Executive Committee since 2002. He is Head of the Corporate & Investment Bank with responsibility for the Corporate Finance, Sales and Trading and Transaction Banking businesses.

Mr. Jain joined Deutsche Bank in 1995. He was previously a Managing Director at Merrill Lynch in New York where he founded and led the securities industry's first dedicated hedge fund client coverage group.

In addition to his Deutsche Bank commitments, Mr. Jain has served on working groups advising the Indian government on inward investment and the UK government on financial services.

Mr. Jain holds an MBA in Finance from the University of Massachusetts Amherst and a BA in Economics from Delhi University.

Mr. Ackermann also announced that Hugo Bänziger and Hermann-Josef Lamberti will step down too.

Mr. Bänziger is Chief Risk Officer and a member of the Management Board and the Group Executive Committee of Deutsche Bank since 2006. After studying Modern History, Law and Economics at the University of Berne, where he earned his doctorate, he gained his first professional experience as assistant to the President of the Swiss Federal Banking Commission in Berne.

In 1985, Mr. Bänziger moved to Credit Suisse and worked in leading management positions in Zürich and London. In 1996, he joined Deutsche Bank as Head of Global Markets Credit in London. In 2000, he was appointed Chief Credit Officer and has been Chief Risk Officer (Credit & Operational Risk) since 2004. In 2006, he became Chief Risk Officer and member of the Management Board and the Group Executive Committee.

Mr. Bänziger is a member of the Supervisory Board of Deutsche Postbank AG, EUREX Clearing AG and EUREX Frankfurt AG as well as a member of the Board of Directors of EUREX Zürich AG.

Mr. Lamberti is Chief Operating Officer and a member of the Management Board since 1999 and Deutsche Bank's Group Executive Committee since 2002.

Mr. Lamberti began his professional career in 1982 with Touche Ross in Toronto and subsequently joined Chemical Bank in Frankfurt. From 1985 to 1998 he worked for IBM, initially in Germany in the areas Controlling, Internal Application Development and Sales Banks/Insurance Companies.

In 1993, Mr. Lamberti was appointed General Manager of the Personal Software Division for Europe, the Middle East and Africa at IBM Europe in Paris. In 1995, he moved to IBM in the USA, where he was Vice President for Marketing and Brand Management. He returned to Germany in 1997 to take up the position of Chairman of the Management of IBM Germany in Stuttgart.

Mr. Lamberti studied Business Administration in Cologne and Dublin and graduated in 1982 with a master's degree in Business Administration. Since 2010 he holds an honorary doctorate of the Faculty of Economics and Business Administration of Frankfurt University.

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