Cohrs' retirement leaves Jain in pole position to succeed Ackermann, say analysts. Anshu Jain has been appointed sole head of the Deutsche Bank's corporate and investment bank, triggering speculation he will succeed Josef Ackermann as chief executive when he leaves the bank in 2013. The promotion follows the retirement of Michael Cohrs, co-head of the corporate and investment bank and head of global banking, at the end of September 2010. From October 1, he will then join Deutsche Bank's European advisory board. Cohrs' responsibilities will be assumed by Jain, who will become the sole head of the corporate and investment bank and will also inherit Cohrs' role as head of global banking. Jain will take responsibility for the latter position from July 1, with Cohrs playing an advisory role until his retirement. Jain joined Deutsche Bank in 1995 from Merrill Lynch, later becoming global head of derivatives, emerging markets and institutional client coverage, before being appointed head of global markets in 2000. He became co-head of corporate and investment banking in 2004 alongside Cohrs, and was appointed to Deutsche Bank's management board in 2009. Speaking to Risk in December last year, Jain acknowledged the move to Deutsche Bank in 1995 was a risk. "I was 32 years old. I'd made managing director at Merrill Lynch. I was happy. So it wasn't an obvious choice for me to go to Deutsche Bank." One of things that attracted him was the firm's determination to compete with the leading investment banks. It was "an interesting and unique value proposition" and a "blank canvass", he said (Risk January 2010, pages 30-32 ). Ackermann is due to step down from his position in 2013. While no successor has been formerly announced, bank analysts broadly agree Jain is now the leading contender for the role....
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