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What Anshu Jain’s Appointment Says About Deutsche Bank
By Paul Beckett
Another Indian has ascended to the top of an old-world company: Anshu Jain, longtime head of investment banking at Deutsche Bank AG, was named co-chief executive of the giant German lender. And once again, there are signs that the fact that he is Indian is an issue.
- Reuters
- Anshu Jain, the longtime head of investment banking at Deutsche Bank AG, was named co-chief executive of the company.
Many will point out that co-CEOs at the top of big banks haven’t a good track record: Think Sanford Weill and John Reed atop the newly-created Citigroup Inc. in the late 1990s. It was a disaster and soon enough Mr. Reed was forced out. But what we’re interested in is the extent to which Mr. Jain’s nationality was a factor in how the roles were decided and why the board chose dual CEOS.
Indeed, Mr. Jain appears to conscious of his outsider status even though he has worked at Deutsche Bank for 16 years: The WSJ story on his appointment said that appointing Mr. Jain alone would be too much of a culture shock and it noted that he is expected to set up a residence in Frankfurt and is learning German. It also noted that Mr. Jain’s Indian origin and lack of fluency in German language and culture could make it hard for the German public and media to digest his new position.
This brought to mind other instances where Indians and Europeans have clashed on culture. In 2006, when Mittal Steel Co., run by India’s own Lakshmi Mittal, made a successful bid for Arcelor SA of Luxembourg, he was criticized by Arcelor’s then-chief executive, Guy Dolle, as lacking “European cultural values.” Tata’s Indian Hotels unit in 2007 saw signs of prejudice in the reluctance of Orient-Express Hotels of the U.K. to accept overtures for cooperation even though Indian Hotels was a major shareholder. And Tata’s big recent acquisitions in the U.K. – of Corus, a steelmaker, and Jaguar Land Rover, a car maker – have prompted some local unease about transferring ownership of companies perceived as national assets to an Indian firm.
Yet, this is not the sort of thing that happens in the globalized world of finance. Indian-born Vikram Pandit has been the chief executive of Citigroup for years – and, while he has been criticized by many for his handling of the bank, his national origin hasn’t been raised as a major issue. Ajay Banga, another son of Indian and former Citigroup executive, last year was named head of MasterCard International without his Indian-ness being an issue at all. So why should Mr. Jain’s Indian origin be an issue in his new job?
The answer says a lot more about Deutsche Bank than it does about Anshu Jain. And the answer is that Deutsche Bank’s unique status as a national lender – the predominant national lender in Europe’s biggest economy – gives it the trappings of the kind of industrial company where an Indian presence has been an issue in other instances across Europe. (We might note that, in the Indian takeover cases mentioned above, the initial skepticism about Indian ownership has been overcome.)
Deutsche is so engrained in the German polity and industry that anyone but a German running it is still bound to create waves, even in high finance: The bank has a unique position as an almost public lender, even though it is shareholder-owned; and it retains powerful, entrenched employee unions unlike any other bank that is a major player on Wall Street and in the City of London.
If this is any reassurance to Mr. Jain, it appears to be more that he is not German than the fact that he is Indian that matters: When the current CEO, Josef Ackermann, joined the bank, he was criticized in some quarters for being too alien to German sensibilities to effectively manage this national treasure. And he was a native German speaker from Switzerland.
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