When Joseph Ackermann stepped down as CEO of Deutsche Bank in 2012, the doors were wide open for a second career: apart from his job as chairman of Zurich Insurance he also eyed a prominent role in politics.

But the second coming of Joe Ackermann never took off as intended: after the tragic suicide of Pierre Wauthier, chief financial officer at Zurich, Ackermann decided to step down from his position at Switzerland’s largest insurer.

Waving Goodbye to Cyprus, Sweden...

At the time of this decision, the Swiss financial professional was 65 – the official retirement age in Switzerland. Now 71, Ackermann has departed from all his prestigious jobs, as Swiss business magazine «Bilanz» reported.

In May, Ackermann said goodbye to the shareholders of Bank of Cyprus, which he had led in the capacity of chairman for four-and-a-half years and helped put back on track.

A little while earlier, the bank have resigned from his position as board member of Investor, the Swedish investment vehicle owned by the Wallenberg family.

... Russia and Turkey

In early 2018, Ackermann had already stepped down from the board of Renova, the business associated with Viktor Vekselberg, the Russian oligarch. And the Turkish bank Akbank also no longer lists him as a member of the board, «Bilanz» said.

The magazine put his withdrawal from the all mandates in connection with his age, claiming that he wanted to liberate himself from the responsibilities of his roles.

Legal Worries

But whether he can actually enjoy his new-found spare time depends on the investigation into the cum-ex scandal in Germany. The state attorney’s office in Cologne has extended the probe and is looking closely at the role of Deutsche Bank.

A large number of former and current Deutsche Bank staff have come to be investigated – with one of the 70 being Ackermann himself.
The cum-ex deals investigated by the state were a vehicle designed to help investors pay less taxes. The investigators however are hard-pressed to bring the suspects to court, because the cases soon will reach the statute of limitation.