Sometimes the things left unsaid are significant. When Carsten Kengeter, 48, recently presented himself as new chief executive to the shareholders of Deutsche Börse, the German stock market operator, he left out an important part of his resume. He spoke of his “work in the international capital markets” and said he knows Frankfurt well.
What he didn’t say was that he had a picture book career as an investment banker behind him, had bit his way through the London shark tank, rose to become the highest remunerated banker with Swiss bank UBS – until one day a trader under his watch upset his plans of advancement with crooked and costly deals.
Mr. Kengeter formally took charge of Deutsche Börse on Monday. The former head of UBS’s investment bank is supposed to make the stock market operator fit for the future.
Mr. Kengeter, a German national, must control a hybrid entity that operates like a modern IT corporation, but occasionally seems to be more like a bureaucratic German vehicle registration office.
All the while, foreign investors are breathing down his neck – not to mention the German government that often meddles in the exchange’s affairs.