Josef Ackermann likes to keep his head down. The most prominent defendant in the long-running Mannesmann executive bonus trial, and Deutsche Bank's chief executive, was always coy about what he would do if Germany's federal appeals court ordered a retrial of the controversial case.
Bankers close to him had said he could resign if the court's judgment was harsh. Yesterday's verdict was indeed about as bad as it could have been for Mr Ackermann. Yet the quietly spoken, Swiss-born banker broke his silence with a pledge to remain as chief executive.
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