Josef Ackermann

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Josef Ackermann
Josef Ackermann - World Economic Forum Annual Meeting 2012.jpg
Ackermann at the World Economic Forum annual meeting in 2012
Josef Meinrad Ackermann

(1948-02-07) 7 February 1948 (age 74)
Alma materUniversity of St. Gallen
EmployerDeutsche Bank (CEO, 2002-2012)
Bank of Cyprus (Chairman, 2014-2019)

Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty.

Early life[edit]

He was born in Walenstadt,[1] Canton of St. Gallen, Switzerland, raised in Mels in a Catholic home,[2] and is a graduate of the University of St. Gallen (HSG). After studying economics and social Sciences at the University of St. Gallen in Switzerland,[3] he continued his time there as a research assistant at the Department of Economics and went on to receive a doctorate in the subject.


After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. He served as chairman of the board from 2002 to 2012. In March 2019 the New York Times reported that Ackermann was aware of the business dealings between the New York branch of the bank and Donald Trump.[4]

Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013.[5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen.[6]

According to the Financial Times Deutschland Ackerman earned €9.4 million in 2009 and €8.8 million in 2010.[7] His included bonus in 2009 was €8.2 million and €7.1 million in 2010. He is a member of the Steering Committee of the Bilderberg Group.[8]

Other positions held:

Days after retirement and on the eve of a conference call by G7 finance ministers and central bank governors on the continuing European debt crisis, Ackerman said in a speech to the Atlantic Council that "Germany will ultimately take whatever steps [are] necessary to keep the euro zone intact", according to one report. The country "is moving cautiously because it simply fears that countries on the European periphery will stop reform measures if they see that Berlin is going to guarantee everything", he continued.[12]

He was a non-executive director of Vodafone from 2000 to 2002.

Return to banking[edit]

In November 2014 he was elected as chairman of the board of directors of the Bank of Cyprus following the proposal of the new major shareholder of the bank Wilbur Ross, who later became the Commerce Secretary in the Trump Administration.[10]

Personal life[edit]

He is married to Pirkko Mölsä.


  1. ^ Zehn Dinge, die Sie noch nicht über den Top-Banker wussten. In: Handelsblatt vom 28. Mai 2010
  2. ^ Mäder, Ruedi (13 September 2013). "Was Ackermanns Ex-Medienchef über den Topbanker weiss" [What Ackermann's ex media boss knows about the top banker] (in German). Zurich: Tagesanzeiger. Retrieved 23 September 2013.
  3. ^ Video eferencing studying in Switzerland, while accepting an award for Deutsche Bank in 2011 on YouTube
  4. ^ Enrich, David (March 18, 2019). "Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board". The New York Times. Retrieved May 23, 2019.
  5. ^ Ackermann to stay as Deutsche Bank CEO until 2013 AFX News
  6. ^ Torry, Harriet, "Deutsche Bank details duties of co-CEOs", MarketWatch, June 1, 2012. Retrieved 2012-06-05.
  7. ^ Ackermanns Bonus gekürzt Archived 2012-08-01 at Financial Times Deutschland
  8. ^ "Steering Committee". Bilderberg Group. Archived from the original on 2014-03-11. Retrieved 2014-02-08.
  9. ^ McHugh, David (18 September 2013). "Siemens Appoints Board Replacement for Ackermann". ABC News. Retrieved 24 September 2013.
  10. ^ a b Brinded, Lianna (November 11, 2014). "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers". International Business Times UK. Retrieved December 17, 2018.
  11. ^ "Bildeberg Meetings". Retrieved 2012-08-20.
  12. ^ Robb, Greg, "German[y] will rescue euro zone: Ackermann", MarketWatch, June 4, 2012. Retrieved 2012-06-05.

External links[edit]

Media related to Josef Ackermann at Wikimedia Commons