The German banker has been know mostly for corporate lending, a report in The Wall Street Journal observes, but Chief Executive Josef Ackerman hopes to expand the company's presence in the U.S. and Germany as an investment and retail bank, as well as an asset and wealth manager.
Konrad Becker, an analyst at
To further its transformation, Ackerman, who took over in 2002, has dramatically trimmed the company's workforce, slimmed its number of managing directors from eight to four, installed more investment bankers as managing directors, and made English, not German, the bank's corporate language. He's also hired a pair of Wall Street veterans, Anshu Jain and Michael Cohrs, to further guide its push in the U.S.
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