The Germans are coming! According to Manager Magazine, Deutsche Bank will focus on expanding its investment bank in the U.S. and on overhauling the asset and wealth management division. New co-chief executives Anshu Jain and Juergen Fitschen told the magazine that they want to "strengthen our position" in the U.S.
"As far as individual divisions are concerned, we will mainly focus on the area of asset and wealth management in the coming months," Jain told the magazine in a joint interview with Fitschen to be published tomorrow but reported today by Reuters.
The comments came a day after U.S.-based institutional asset manager Guggenheim Partners walked away from talks to buy Deutsche Bank's alternative asset management business, according to Reuters.
Asked how Fitschen and Jain divide up responsibilities, Jain said: "It works like a matrix. I have primary responsibility for products, Juergen primary responsibility for regions. The set-up is complimentary."
Worries that Deutsche may neglect its German roots by putting the 49-year-old Jain in the top job prompted the supervisory board to adopt the dual CEO model.
Many say Jain will eventually become sole chief executive. His contract runs until March 2017, two years after Fitschen's ends, said Reuters.
Both executives already have a clear view on strategy for Germany's flagship lender, detail of which was set to be presented in September, according to the magazine. "This will be a matter of evolution, not revolution," Fitschen said.