Who is Josef Ackermann
Josef Ackermann is a Swiss banker who served as CEO and chair of Deutsche Bank. Since 2014, he has served as chair of the Bank of Cyprus. He has also served as a member of the Group of Thirty (G30), a Washington, D.C.-based group of top international economists and financiers. He holds a seat on the steering committee Bilderberg Group.
BREAKING DOWN Josef Ackermann
Born in Walenstadt, Canton of St. Gallen, Switzerland in 1948, Josef Ackermann attended the University of St. Gallen, where he studied economics and social sciences. Upon completing his undergraduate studies, Ackermann remained at the University of St. Gallen as a research assistant with the Department of Economics; he eventually earned his Ph.D. in economics. Early on, he was encouraged to go into both academic and military careers, but he began his career as a corporate banker with Credit Suisse in 1977.
Ackermann served as CEO of Deutsche Bank from 2002 to 2012. As CEO, he introduced to Deutsche Bank a new shareholder-focused management style, helped the company expand internationally and increased its focus on investment banking. He earned €9.4 million in 2009 and €8.8 million in 2010, according to Financial Times Deutschland. Ackermann received bonuses of €8.2 million and €7.1 million in those two years respectively. When faced with sanctions from the U.S. Justice Department in 2015, Deutsche Bank reportedly attempted to reclaim tens of millions of Euros in bonuses paid to Ackermann and five other former CEOs.
Other Positions Held by Ackermann
Ackermann has served on the boards of Bayer, Deutsche Lufthansa, Linde, Mannesmann, Siemens, Zurich Financial Services and Royal Dutch Shell. He has also been a visiting professor of Finance at the London School of Economics and a visiting professor at Johann Wolfgang Goethe University. Positions he has held include:
- Second Deputy Chair of Siemens AG
- Non-Executive Director of Shell
- President of the Board of Trustees for the St. Gallen Foundation for International Studies
- President of the Board of Patrons of the Institute for Corporate Culture Affairs
- Chair of the Board of Directors of the Institute of International Finance
- Chair of the Board of Directors of the World Economic Forum
- Attendee of the Bilderberg Meetings in 2010, 2011, 2012, 2013, and 2014
- Non-Executive director of Vodafone from 2000-2002