Current Event 6/2/12

Deutsche Bank, the lending giant of German banks, now has two new CEOs, who could not be more different. The Bank, a huge asset to the German economy, has been strong for many years under the leadership of Josef Ackermann. However, now that new regulations are in place and the world economy is shifting, new leaders are called for. Anshu Jain and Jurgen Fitschen are men with very different attitudes toward risks and diverse experiences. Jain, born in India, was an investment banker for many years before becoming a successful stockbroker and then making progress with the London and German branches of Deustche Bank. Fitschen is a German who has been working in the Bank since 1987, and has made changes to the Bank at Jain's suggestion. The two men, working together since 2004, are a bizarre but effective team. Already massive reorganizations are planned, as well as staffing and policy changes. Although challenges lie ahead, Jain and Fitschen seem determined to better the Bank their way.
The reorganizaiton of the Bank and the modernization and globalizaitn of its policies are significant to the German economy's modernization that has been occuring over the past few years. While the Bank may have issues to deal with soon, the appointment and work of Jain and Fitschen will hopefully be a good thing for the German economy and its reputation.


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