Josef Ackermann
Josef Ackermann | |
|---|---|
| Born | February 7, 1948 Walenstadt, Canton of St. Gallen, Switzerland |
| Occupation | Banker |
| Years active | 1977–present |
| Known for | CEO of Deutsche Bank, Chairman of Bank of Cyprus |
| Spouse | Pirkko Mölsä |
Josef Meinrad Ackermann (born 7 February 1948) is a prominent Swiss banker, known for his previous roles as chairman of the Bank of Cyprus and chief executive officer of Deutsche Bank. Additionally, he has been part of the Washington-based financial advisory group, the Group of Thirty.
Early life
Ackermann was born in Walenstadt, located in the Canton of St. Gallen in Switzerland, and grew up in a Catholic household in Mels. He completed his higher education at the University of St. Gallen (HSG), where he pursued studies in economics and social sciences. During his time there, he worked as a research assistant and ultimately earned a doctorate in economics.
Career
Starting his professional journey at the Swiss investment bank Credit Suisse in 1977, Ackermann left in 1996 to join the board of directors at Deutsche Bank based in Frankfurt. He held the position of chairman from 2002 until 2012. Reports from March 2019 indicated that Ackermann was informed about Deutsche Bank’s transactions with Donald Trump’s New York branch.
In late 2009, Ackermann extended his role as CEO of Deutsche Bank through 2013. However, he resigned during the May 2012 shareholders' meeting, passing leadership responsibilities to co-CEOs Anshu Jain and Juergen Fitschen. According to figures published by Financial Times Deutschland, his compensation amounted to €9.4 million in 2009 and €8.8 million in 2010, including bonuses of €8.2 million and €7.1 million respectively.
Ackermann is part of the Steering Committee of the Bilderberg Group. His other significant positions have included:
- Second deputy chairman at Siemens AG until his resignation in September 2013
- Board member at Renova Management, affiliated with Viktor Vekselberg's Renova Group
- Non-executive director at Royal Dutch Shell
- Visiting finance professor at both the London School of Economics and Johann Wolfgang Goethe University
- President of the board of trustees for the St. Gallen Symposium
- Chairman of the board at the Institute of International Finance
- Chairman of the board at the World Economic Forum
- Advisory board member at Macro Hive
Shortly after retiring and prior to a G7 finance ministers’ conference call addressing the European debt crisis, Ackermann delivered a speech at the Atlantic Council where he remarked that "Germany will ultimately take whatever steps are necessary to keep the euro zone intact," emphasizing Berlin’s cautious strategy to avoid disrupting reform initiatives by peripheral nations.
He also held a non-executive directorship at Vodafone between 2000 and 2002.
Return to banking
In November 2014, Ackermann was appointed chairman of the board at the Bank of Cyprus, following a recommendation from the bank’s new principal shareholder, Wilbur Ross, who subsequently served as United States Secretary of Commerce during the first Trump administration.
Personal life
Ackermann is married to Pirkko Mölsä.