, Columnist
For Deutsche Bank, Two Johns Could Be Better Than One
The board sorely needs an outsider, even one with a mixed track record.
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Are two Johns better than one? Yes, according to Deutsche Bank AG. According to Bloomberg News, the firm is poised to add John Thain, famous for selling Merrill Lynch to Bank of America at the height of the financial crisis, to its supervisory board.
It's a pick that won't win any diversity awards given the firm's CEO is also an investment banker named John. Thain's pedigree tilts slightly too much to the pre-crisis era, too. His $1.2 million office redecoration bill didn't help him last long at Bank of America, and his record at CIT Group Inc. was mixed.