Gaining acceptance in German circles key for Anshu Jain
In an interview to NDTV Profit, former Reserve Bank of India governor Dr. Bimal Jalan said that there is a need for a credible policy to prevent the rupee’s fall as expectations on the currency direction are critical.
The initial moves of India-born Anshu Jain as the co-chief executive of German banking giant Deutsche Bank is likely to be closely watched, especially in terms of gaining wider acceptance in the German public and business circles, according to analysts.
A well-respected investment banker, Jain would also be the first non-German speaking executive to steer Deutsche Bank when he officially takes charge along with Juergen Fitschen on Friday.
The two executives would take over from Swiss national Josef Ackermann who was a close adviser to German Chancellor Angela Merkel on economic issues, including the euro zone debt crisis.
Currently based out of London, 49-year-old Jain has been learning German since his nomination as co-CEO over a year ago. He, now, heads the corporate and investment bank business of Deutsche Bank.
Fluency in German would help him in working his way into the top echelons of German politics and business, analysts said.
Under Jain's stewardship, a major chunk of Deutsche Bank's profits in the last few years came from investment banking operations.
Going by analysts, it would also be very reassuring for the German shareholders if Jain reaffirms the bank's allegiance to the home market. He would also have to assure investors that Deutsche Bank would continue to focus more on retail banking to gain public confidence, they added.
"He will be judged by how close he gets to the society," one analyst said.
Meanwhile, Jain had already taken over the leadership of Deutsche Bank's elite forum 'Alfred Herrhausen Society'.
The society is seen as an important meeting place for top-level leaders from politics, business and industry.
An economics graduate from the Delhi University, India-born Jain also holds an MBA in finance from the University of Massachusetts Amherst.
Jain is likely to provide a glimpse of future strategy along with Fitschen, when incumbent Josef Ackermann formally hands over the leadership to them at the annual shareholders' meeting in Frankfurt on Thursday.