Speculation over Ackermann's future was put to rest on Wednesday after the board of directors of Deutsche Bank announced it had decided to extend the 57-year-old's contract for another four years. The top banker, who faces a second trial in connection with Vodafone's 2000 takeover of Mannesmann, had expressed his desire to stay on at the helm. But given the recent bout of criticism directed at Ackermann, an extension of the contract, which originally lapsed in October, was anything but certain.

After shooting to the top of Germany's biggest bank in 2002, Ackermann's reputation in the business world was sharply whittled away following his involvement in the long-running Mannesmann affair. The Deutsche Bank chief and five other top executives are accused of charges of breach of fiduciary duty after they rubber-stamped multi-million-euro handshakes to managers at the end of the fierce Mannesmann-Vodafone takeover battle in 2000.

At the time, Ackermann had been a member of Mannesmann's supervisory board and was charged because of his role as a Mannesmann director, not for anything he did at Deutsche Bank. He has denied wrongdoing.

Tarnished by trial

In July 2004 a reprieve was in sight after Ackermann and the five other men were acquitted of breaking the law by approving a total 111.5 million Deutsch Marks (57 million euros, $68 million) in payouts for former Mannesmann executives. Then, in December 2005, the Federal Supreme Court overturned the initial acquital and ordered a retrial. Prosecutors say the defendants committed a breach of trust by awarding as bonuses money that belonged properly to the company and its shareholders.