Tuesday, December 4, 2007

He was born at night, just not last night...

Deutsche Bank Chief Turns Down Chance at Citigroup

Dec. 4 (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Josef Ackermann turned down an opportunity to pursue the top job at Citigroup Inc., the biggest U.S. bank, according to a person with knowledge of the matter.

The New York-based bank contacted Ackermann by telephone about two weeks ago to ask the Swiss-born manager if he'd be interested in becoming CEO, said the person, who declined to be identified because the talks were private. Ackermann will stay at Frankfurt-based Deutsche Bank, the person said.

Citigroup is seeking a replacement for Charles O. ``Chuck'' Prince III, who stepped down last month after the bank reported its first loss in 17 years. Ackermann, in five years at Deutsche Bank, raised profit 14-fold by expanding the securities unit, cutting more than 14,000 jobs and selling assets.


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