New Leadership at the Center for Financial Studies

Andreas Hackethal and Rainer Klump replace Jan P. Krahnen and Uwe Walz. Jürgen Fitschen becomes the new chairman of the board.

As of 1 July 2020, the Center for Financial Studies (CFS) has a new academic director. The long-standing academic directors of the CFS, Professor Dr Uwe Walz (since 2010) and Professor Dr Jan P. Krahnen (since 1995) will leave the institute to devote themselves to other tasks, in particular to the establishment of the Leibniz Institute for Financial Research SAFE, which was founded on 1 January 2020. Professor Dr Andreas Hackethal and Professor Dr Rainer Klump, both long-standing professors in the Department of Economics at the Goethe University in Frankfurt, will assume the positions as academic directors.

Professor Dr Andreas Hackethal: “The dialogue between the actors in the financial market and academia is becoming increasingly important in times of rapid environmental changes and growing uncertainty. We hope to support this dialogue in a targeted manner with tried and tested, as well as new formats.”

Professor Dr Rainer Klump: “I am very pleased to be able to help shape CFS, this established and successful brand in the Financial Centre Frankfurt, in the coming years. We will examine the effects of digitalisation, climate change and other global challenges for the financial system, develop new perspectives on these issues and present viable solutions for discussion.”

In addition, the term of office of Dr Rolf-E. Breuer (since 1986), who has been Chairman of the Board of Managing Directors for many years, will end. Throughout his over 30 year tenure, Dr Breuer played a decisive role in shaping the further development of CFS and made it an important part of the financial centre.

Mr Jürgen Fitschen, former Co-Chairman of the Board of Managing Directors of Deutsche Bank AG, was elected to the Board of Managing Directors of the Gesellschaft für Kapitalmarktforschung e.V., with effect on 1 July 2020. The election as Chairman of the Management Board will take place at the end of this year.

Jürgen Fitschen: “I have known CFS for many years and greatly appreciate the institute’s work. The importance of the contributions of independent research institutes to the debate on economic and socio-political issues will continue to grow in the future. Therefore, I am very pleased to be able to support the work of CFS from within the board of directors.”

Continuity is ensured by Professor Dr. Dr. h.c. mult. Otmar Issing as President and Chairman of the Board of Trustees of the CFS. The managing director, banking expert Professor Dr Volker Brühl, who has been in office since 2013, also remains with the CFS.

The executive board, board of trustees, members, and the employees of CFS would like to thank Dr Breuer, Professor Dr Jan P. Krahnen and Professor Dr Uwe Walz for their enormous services to CFS and wish them all the best for their future.


The Center for Financial Studies (CFS) is an independent, non-profit research institute at the Goethe University Frankfurt, which, since 1967, conducts internationally oriented research on all important topics in the field of finance. The CFS is mainly financed by renowned institutions of the financial industry. The institute currently has about 60 institutional members. For years, the main sponsors include Deutsche Bank, DekaBank, Deutsche Börse, DZ Bank, Hessische Landesbank and the Bundesbank. The CFS serves as a forum for dialogue between academia, politics and the financial industry. It also offers a platform for top-class research of importance to the European financial sector. The academic network of Fellows and Senior Fellows includes more than 90 renowned academics from Germany and abroad.