Josef Ackermann
Candlefocus EditorHaving completed his studies at the University of Zurich in 1975, Ackermann began working at Credit Suisse and later moved on to become CEO of the Swiss bank, Loeb, Rhoades and Co. In 1996, he joined Deutsche Bank as a partner, and became CEO and later chair of the bank in 2002. During his time at Deutsche Bank, Ackermann increased its profits, modernized its business practices, and vastly increased its market capitalization.
Despite his successes at Deutsche Bank, Ackermann faced controversy after his departure in 2012. Deutsche Bank had faced harsh criticism for its involvement in the Bernie Madoff Ponzi scheme, and Ackermann faced criticism for his role in approving large payouts leniently following the financial crisis in 2008.
Following his departure from Deutsche Bank, Ackermann became the chair of Bank of Cyprus in 2013, where he took over the role of restructuring the bank's finances. He resigned in 2015 after the bank failed to meet its targets following the economic crisis of 2008-09.
Aside from his positions in the banking world, Ackermann was an active member of the Group of Thirty, a Washington-based financial advisory board. Composed of thirty-two of the world’s most important business and economic leaders from twenty countries, the Group of Thirty aimed at promoting greater international understanding of global macroeconomic and capital-market issues.
A committed conservationist, Ackermann also founded the Earth School Foundation in 2018, which focuses on protecting natural resources, preserving biodiversity and tackling climate change. In 2020, Ackermann was named chairman of Schroders, a major global asset management company.
Josef Ackermann has been a key figure in the banking world since 1995, and despite several controversial decisions during his time with Deutsche Bank and Bank of Cyprus, remains a respected figure in the corporate world. With his commitment to conservation and passion for the financial industry, it is likely that Ackermann will continue to have a large impact on the banking world for many years to come.