<p>Jain, head of Investment banking, which is the most profitable business of the German-based banking giant.<br /><br />Attributing to sources, the report said, "Ackermann appears increasingly opposed to the idea that the next CEO should be Jain -- the favourite of many shareholders."<br /><br />The daily said that the senior ranks of Deutsche Bank are on the verge of "open warfare" as the process of finding a successor to Ackermann "degenerates into acrimony".<br /><br />The German bank has not yet appointed a successor to Ackermann, whose contract runs until 2013.<br /><br />Under German corporate governance, a successor should be picked by the bank's supervisory board under Clemens Borsig, its chairman.<br /><br />Three top bankers and two shareholders accused Ackermann of seeking to hijack the succession planning process at Deutsche Bank, the report added.<br /><br />Ackermann, who has headed Deutsche since 2002, has until now been a unifying force, bridging the cultural divide between its domestic heartland and its largely London and New York-based investment bank, led by Jain, the daily noted.<br /><br />"Any lengthy struggle over the leadership issue could be detrimental to Deutsche's ambitions to build its business further in the US and Asia, and also create a distraction from legal issues facing the bank in the US, including a civil fraud suit brought by the Department of Justice," the report noted.</p>
<p>Jain, head of Investment banking, which is the most profitable business of the German-based banking giant.<br /><br />Attributing to sources, the report said, "Ackermann appears increasingly opposed to the idea that the next CEO should be Jain -- the favourite of many shareholders."<br /><br />The daily said that the senior ranks of Deutsche Bank are on the verge of "open warfare" as the process of finding a successor to Ackermann "degenerates into acrimony".<br /><br />The German bank has not yet appointed a successor to Ackermann, whose contract runs until 2013.<br /><br />Under German corporate governance, a successor should be picked by the bank's supervisory board under Clemens Borsig, its chairman.<br /><br />Three top bankers and two shareholders accused Ackermann of seeking to hijack the succession planning process at Deutsche Bank, the report added.<br /><br />Ackermann, who has headed Deutsche since 2002, has until now been a unifying force, bridging the cultural divide between its domestic heartland and its largely London and New York-based investment bank, led by Jain, the daily noted.<br /><br />"Any lengthy struggle over the leadership issue could be detrimental to Deutsche's ambitions to build its business further in the US and Asia, and also create a distraction from legal issues facing the bank in the US, including a civil fraud suit brought by the Department of Justice," the report noted.</p>