Ackermann Departs Deutsche

Deutsche Bank CEO Josef Ackermann is to depart after well over a decade at the firm.

Ackermann made the announcement at the company's annual general meeting, where his successors were named. Anshu Jain, who heads up Deutsche's investment operations, will run the bank in tandem with Jürgen Fitschen, head of regional management.

He joined Deutsche from Credit Suisse in 1996, and became chief executive in 2002. His tenure at the bank saw it become a global competitor to financial institutions such as JPMorgan and Morgan Stanley, and the bank's profits last year reached 4.3 billion Euros, predominantly from its investment activities. However, a string of expensive litigation, notably with the US government, has marred its image.

Ackermann, 64, will retire without taking a supervisory board post.