Deutsche Bank
德意志銀行
Two’s company
兩人成伴
Hard questions loom for the new bosses of Germany’snational banking champion
德國最大銀行的新總裁們面臨著隱隱出現的棘手問題
Dual passports
雙重護照
IN THE entrance to Deutsche Bank’s London office is a giant silver ball with a hole in the middle thatoffers an inverted reflection of the viewer and bank. The sculpture, which is called 「Turning theWorld Upside Down III」, is a fitting metaphor for the changes sweeping the banking industry.Deutsche itself has had a good crisis, eschewing direct help from the German government andrebuilding its balance-sheet to regain its place as the biggest bank in Europe by total assets. Yet itsworld is turning upside down, too.
德意志銀行倫敦分行的入口處有一巨型銀球，球中有洞，窺洞中可見觀者與德行的倒影。這尊名為「顛倒世界III」的雕塑對於席捲銀行業的變革浪潮是一個貼切的暗喻。德意志銀行獨善其身，很好的度過了危機，他們避開德國政府的直接援助，重建自己的資產負債表，欲藉資產總額重歸歐洲最大銀行之席。然而，德行的世界也正發生著翻天劇變。
The most obvious upheaval is in the executive suite. On June 1st two new co-chief executives,Jürgen Fitschen and Anshu Jain, will take over from Josef Ackermann, who has run the bank for adecade. Mr Fitschen, the boss of Deutsche’s German operations, is a far less controversial figurethan Mr Jain, an Indian-born, American-educated British citizen who has propelled Deutsche’s rise ininvestment banking. Mr Jain’s elevation is a remarkable one in a corporate culture as crusty asGermany’s: most bosses are either German or native German-speakers from Switzerland orAustria. His appointment has also provoked a backlash from an 「old guard」 within Deutsche whofear the growing influence of the investment bank, which is based almost entirely in London and isstaffed largely by non-Germans.
管理層的劇變尤為明顯。新任聯合執行長安舒·賈恩(Anshu Jain)和尤爾根·菲茨岑(Jürgen Fitschen)將於6月1日走馬上任，從執掌德意志銀行十年的約瑟夫·阿克曼（Josef Ackermann）的手中接過大權。論爭議性人物，德行德國業務主管菲茨岑先生遠不如賈恩先生。英國人賈恩先生出生於印度，求學於美國，他一手推動了德意志銀行在投資銀行中的崛起。德國企業文化素來頑固保守，高層大都以德國人或瑞士、奧地利的德語區人士為主，故賈恩先生的高升著實令人驚嘆。這次任命同樣也激起了德行內部「保守派」的對抗情緒——德行的投行部幾乎完全設立在倫敦，員工多為非德裔，投行部日益增大的影響力令「保守派」擔憂。
Yet the focus on Mr Jain is a distraction. The bank’s biggest task is not to convince investors that ithas the right executives in place—big investors and fund mangers see the new team as moreshareholder-friendly than the old one. It is to prove that it has enough capital and liquidity to satisfyregulators and that it can adapt its business model to a topsy-turvy landscape.
然而對賈恩先生的關注是件分心事。 依大投資者和基金管理人之見，新領導團對股東比上任要友好的多，因此德行目前的最大任務不是說服投資者，自己選對了領導人選，而是向他們證明，自己有足夠的資本和流動資金來滿足監管機構的要求，並能在業界一片顛倒混亂的情況下調整自己的業務模式。
Start with capital. Deutsche has total assets of close to
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