It's tough being a non-German speaking banker of Indian descent working in London--especially if your career goal is to run a top German bank.

This is obstacle now faced by Anshu Jain, who has successfully run Deutsche Bank's ascendant worldwide investment banking operations, which accounts for about 90 percent of the company's profits. Jain has certainly made himself a star in the industry. With him at the helm, Deutsche Bank now ranks No. 1 in the U.S. fixed income league table.

But the burning issue now, as reported by the New York Times, is whether the bank's board will elevate Jain to the top spot. To some, this would be a no-brainer, as Jain is seen on merit alone as the only real internal candidate. But Deutsche Bank's board and current CEO Josef Ackermann have both balked at setting up any sort of succession plan that would indicate Jain as the heir apparent.

That has led to belief that Ackermann--whose contract runs through 2013--and the board would prefer someone quite unlike Jain, perhaps "a successor in his own statesmanlike mold--perhaps Axel Weber, the recently departed president of the German central bank. There has been much talk of Mr. Weber's becoming chief executive or coming in to share the job in some way with Mr. Jain."

Jain himself has been publically upbeat about his relationship with Ackermann and seems committed to the job. But he would likely jump ship if he were passed over.

For more:
- here's the Times article