Josef Ackermann, Deutsche Bank chief executive and one of the world’s most prominent financiers, has dropped his bid to become chairman of the German bank’s supervisory board after unexpectedly failing to win shareholder support.
Mr Ackermann’s decision, which will see him quit Deutsche in May, will give Jürgen Fitschen and Anshu Jain a freer hand to shape the German bank’s strategy when they take over as co-chief executives.
The Swiss banker’s move fuelled speculation that he could jump to UBS, Switzerland’s largest bank by assets.
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