Swiss to head Deutsche Bank

Joseph Ackermann - a Swiss head of the Deutsche Bank (file picture: Keystone) Keystone

The 52-year-old former head of Credit Suisse, Josef Ackermann, has been chosen to lead Germany's biggest bank, Deutsche Bank.

This content was published on September 21, 2000 minutes

Ackermann will take up his post as president of the board at the bank's general meeting in 2002. His nomination came as a surprise to financial circles.

He's been a member of Deutsche Bank's board since 1996. He's presently charged with looking after international investment clients, a priority for the Frankfurt-based institution.

Ackermann left Credit Suisse after differing with other board members about the bank's financial strategy.

Ackermann will succeed Rolf Breuer, who is to become president of the bank's supervisory board.

Mr Breuer, who's been in charge of Deutsche Bank since May 1997, suffered a disappointing setback earlier this year with the collapse of a planned merger with the Dresdner Bank.

But he did direct the bank's successful acquisition of the American Banker's Trust in 1999.

Mr Breuer began his career as an apprentice in a Deutsche Bank branch in Munich.

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