Deutsche Bank is to appoint investment banking co-heads Anshu Jain and Michael Cohrs as well as two other senior executives to the management board, Bloomberg reports, citing two sources with knowledge of the matter. This will double the bank’s four-member board.

The bank declined to comment to WealthBriefing, but the newswire’s sources said both bankers are likely to join alongside Rainer Neske, the head of private and business clients, and regional management chief Juergen Fitschen. Deutsche Bank is also likely to appoint a successor for chief executive Josef Ackermann from the enlarged board, they are reported to have said.

“Clearly, you have to assume some of these guys might be in the running for chief executive,” Jeanne Branthover, head of the financial services practice at New York-based Boyden Global Executive Search is quoted as having said. “It’s a pretty common practice to take a group of superior and talented people and say, let’s give them X amount of time to see who really is the best.”

Mr Ackermann is scheduled to step down at the annual general meeting in May 2010. The Frankfurt-based bank is giving greater authority to Mr Jain and Mr Cohrs even after losses at the investment bank led to a record fourth-quarter deficit.

The potential board members are currently part of the lender’s 10-person group executive committee, which discusses corporate strategy and makes recommendations to the management board. The changes will probably be voted on at a supervisory board meeting next week, the sources are reported to have said.

Deutsche Bank generated €2.8 billion euros ($3.6 billion) of revenue in January, following a €4.8 billion net loss for the fourth quarter and its first annual deficit in more than 50 years in 2008.