The head of Germany's biggest private bank, Deutsche Bank, does not intend to renew his mandate beyond 2013 when he turns 65, Focus magazine reports in its Monday issue."Prolonging one's term indefinitely until one falls off the chair is not a solution," bank head Josef Ackermann said in an interview.According to the magazine, Ackermann "categorically" denied rumors that his contract would be extended three more years to 2016.In 2009, his contract was extended until 2013 after no suitable candidate was found to replace him.
Writing in the Financial Times yesterday, Josef Ackermann – CEO of Deutsche Bank – argued that larger banks are not more dangerous to the health of financial system (and thus to taxpayers) than smaller banks. According to him, system danger arises primarily from the degree to which banks are “interconnected”.
Deutsche Bank chief Josef Ackermann officially stepped down on Thursday, ending a decade-long reign as head of Germany's biggest bank during which he repeatedly courted controversy.At the end of Deutsche Bank's annual shareholder meeting at Frankfurt's huge Messehalle exhibition hall, Swiss-born Ackermann, 64, hands over the reins to his two successors, Anshu Jain and Juergen Fitschen.While for many, Ackermann personifies the arrogance and greed of the banking sector, in his 10 years as chief executive, he succeeded in transforming Deutsche Bank into a truly global player.