Deutsche Bank’s Cohrs to step down soon -sources

FRANKFURT/LONDON, June 4 (BestGrowthStock) – Michael Cohrs is
expected to retire from his current role as co-head of Deutsche
Bank’s (DBKGn.DE: ) investment bank in the next few weeks, two
people familiar with the matter said on Friday.

Global markets head Anshu Jain will likely assume Cohrs’
responsibilities, though the 53-year-old London-based executive
may retain an advisory role with the bank, one of the sources,
of which one is in Frankfurt and one in London, said on Friday.

Deutsche Bank declined to comment.

London-based Cohrs now heads up global banking, which covers
mergers and acquisitions as well as other corporate finance
business and has spearheaded leadership of the investment bank
since 2004, working alongside Jain.

His move bolsters 47-year-old rival Jain’s position at the
head of global markets — the sales and trading arm that
represents Deutsche’s biggest business.

Jain is seen as a potential successor to Chief Executive
Josef Ackermann, who said last week he had started intensive
talks with the bank’s chairman about succession plans.
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Cohrs has overseen the corporate finance and advisory
business, vaulting it to fourth place globally in the latest
league table rankings of global announced mergers and
acquisitions year-to-date, according to Thomson Reuters data.

Deutsche now commands 15.6 percent of global market share,
up from fifth place last year.

Since joining Deutsche Bank from S.G. Warburg in 1995,
following a stint at Goldman Sachs, Cohrs reinforced an
Anglo-Saxon management ethos, substituting job security for high
wage levels and hiring staff on UK rather than German labour
contracts.

He has played a key role in shaping Deutsche’s investment
banking strategy and took part in talks between Citigroup (C.N: )
and Deutsche in late 2003, when executives from both banks
explored a possible deal, a third source said.

Deutsche and Citigroup met in several sessions but
ultimately failed reach a deal, he said.

Cohrs also oversaw the selling off of Deutsche Bank’s
industrial holdings, as part of a process of unwinding ‘Germany
Inc’, a once powerful system of cross-shareholdings that helped
steer business in Europe’s largest economy.
He helped hike profits at the lender by helping to introduce
the “loan exposure management group”, which analysed each loan
that came up for renewal and approval to ensure that the risk
was priced in accordance with international, rather than German
market standards.

It assessed whether the “overall customer relationship” was
generating 25 percent pretax return on equity, a benchmark
Deutsche set itself as a way to reach international standards of
profitability.

For Reuters BreakingViews on the topic, click on
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Stock Market Research

(Reporting by Edward Taylor and Steve Slater; Editing by Jon
Loades-Carter)

Deutsche Bank’s Cohrs to step down soon -sources