Deutsche investment bank changes aren’t sinister

June 4, 2010

Deutsche Bank  is losing half of one of the few successful double acts in investment banking. Michael Cohrs, who has co-run the  German group’s investment bank for six years, is to set to retire and hand sole charge of the unit to Anshu Jain. Cohrs’ departure and the concentration of power in a markets whizz may unsettle investors. But while the transition has its challenges, this looks like a natural evolution.

Cohrs’ exit comes against a backdrop of high-profile exits from Deutsche, with several senior bankers — including a co-head of the U.S. natural resources team — leaving this year.  But the timing looks pre-planned. It coincides with the original leaving date scheduled for group chief executive Josef  Ackermann, who deferred his own retirement to 2013.

The advisory business for which Cohrs has had direct  responsibility since 2001 has come far under his tenure, jumping from nowhere to top-five status in U.S. M&A. It’s easy to see  why the 53-year-old American may not want to hang around for the  next boom.

Still, Cohrs’ business has always been overshadowed by  Jain’s markets machine. Judged on his contribution to revenues,  Jain has certainly earned the right to take over. And while the  co-head structure has worked well, it would be risky to wedge in a new leader alongside Jain at this stage.

Jain is a candidate to replace Ackermann. He now has some big challenges to tackle solo. He must protect the position in  the business that Cohrs has built up, and should consider appointing a new advisory champion to secure that legacy.

Above all, Jain needs to defend investment banking within  Deutsche amid pressure to allocate capital to less risky businesses. Moody’s, the rating agency, recently criticised Deutsche’s dependence on capital markets, questioning its risk management capabilities. It is hard to think of a stronger  advocate for capital markets than Jain. He will have to resolve tensions both internally and with regulators in the coming  years. If he handles that well, his candidacy for the top job at the bank will be strengthened.

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Chistopher Story (RIP):

• The Lienholders exercised a foreclosure and management takeover on Friday 2nd and Saturday 3rd July 2010 of Deutsche Bank, Frankfurt, Germany and of Bank of America, Charlotte, NC. They took this action due to ongoing sabotage by the US official keptocracy.

• They immediately removed people in both banks working for the saboteurs and opponents of the necessary resolutions and cleared derivatives (toxic debt) off the balance sheets.

• This took Deutsche Bank out of the control of Bush Sr.’s agent [see earlier reports: Archive], Chancellor Angela Merkel, and the saboteurs in Germany.

• Likewise they took the CIA’s compromised Bank of America out of the control of the corrupt bankers and CIA saboteurs in the United States.

• Her Majesty The Queen signed the necessary authorities for the Refunding Programme, the Loan Facility and other necessary papers during her visit to New York, as expected.

• As a result of the above the necessary funds were available for distribution

on Tuesday 6th July 2010.

• As usual, George Bush Sr. interfered, as a consequence of which the Chinese parties had a ‘talk’ with the corrupt, demonic Godfather Bush Sr.

• By 7th July (Wednesday) a full meeting of Compliance Officers had taken place and the parties were again said to be prepared to initiate the transfers.

• Whereupon the corrupt Leon Panetta, Director of Central Intelligence (CIA), pathetically following ‘instructions’ issued by a private citizen named George H. W. Bush and issued to his poodle in the White House, the gutless Barack Hussein Obama, issued instructions to banking authorities the ‘placate but do not pay’ (accounting for the immediate lies summarised below), thus ‘preventing’ the feckless and terrified banking authorities from making any transfers.

• Bush Sr.’s poodle, Barack Hussein Obama, is too weak and lacking in backbone to grasp that Bush Sr.’s threats [see below] are BLUFF. He lacks the spine to stand up to this crook and face him down, which is the only way to deal with these possessed ‘Black’ US Nazi operatives, as we have amply demonstrated on this website

• On 7th July, the Chinese authorities then had another talk’ with Bush Sr., as a consequence of which the payout procedures were put back in place on that date, to start up at 3:00pm EDT..

• Having thus lied as usual to the Chinese parties, private citizen Bush Sr. contacted Barack Hussein Obama and INSTRUCTED HIM not to allow the release of the funds.

• In that telephone call to the White House, Bush Sr. also threatened that if Obama authorised release of the funds, Bush Sr. would go to the Supreme Court and have Obama’s Presidency terminated’ [see earlier reports, notably the Biden comment on this score].

• As a consequence, the terrified and gutless Obama obeyed the private citizen George H. W. Bush and the agreed-upon payout of the Settlement funds has not taken place.

• Michael C. Cottrell, BA, M.S., was duly advised on Tuesday 6th July that the preliminary payment due to him would be satisfied on that date and that the Loan Facility would be in place on Thursday 8th July 2010.

• On Friday 9th July ‘the word went out’ that Mr Cottrell was not to be paid, the opposite of what had been categorically stated earlier.

• The payments agreed to and set out in the Basel List have not been affected as a direct consequence of this sabotage.

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