Chicken belittle

27 November 2012 By Dominic Elliott

Deutsche Bank has erred by choosing not to send co-CEO Anshu Jain to a parliamentary hearing on Libor. Jain wasn’t directly called, but it still looks evasive. And it has given ex-boss Josef Ackermann the chance to revive an unseemly Deutsche custom of undermining new leadership.

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The former head of Germany’s Deutsche Bank Josef Ackermann criticised his successor Anshu Jain for not agreeing to appear at a German parliamentary committee hearing on Libor manipulation, Reuters reported on Nov. 26.
“I always took these tasks upon myself,” Ackermann said at a Nov. 26 conference organised by business daily newspaper Handelsblatt in Frankfurt. “I think that in this instance, it is the boss who belongs on stage.”
On Nov. 22, Gerard Schick, a politician in Germany’s Green party, accused Indian-born Jain of “chickening out”. Stephan Leithner, Deutsche Bank’s chief compliance officer, will attend the Nov. 28 hearing in Jain’s place.
Birgit Reinemund, chair of the committee, told Reuters on Nov. 22 that Deutsche Bank had not given a reason for the switch but said it was not unusual.

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