The decision was made following a meeting among the bank's supervisory board on Sunday who recommended Jain's name along with that of JÜrgen Fitschen who heads the German operations of the bank. The succession talks for current chief executive Josef Ackermann has been hotting up for a while. He had abandoned his retirement plans in 2009 and decided to extend his contract until 2013.
With the election of Anshu Jain clearly based on votes, it is is still not sure whether Jain will adorn the top post. The other factor working in his favour is that his contender, Fitschen is aged 63 and is close to retirement as well. This will lead to Jain becoming a default winner. He has also been lauded for running Deutsche Bank's most profitable division.
Jain has been part of the banks executive committee since 2002 and been a member of the management board since Apr 2009. This led to Jain earning an estimated €9.7 million last year and as much as 200,000 euros more than current boss Josef Ackermann.
Jain until recently held a stake in the popular Mumbai Indians team of the Indian Premier League. The team that is owned by super rich Mukesh Ambani.