In an abrupt move, co-chiefs Anshu Jain and Juergen Fitschen, resigned from their jobs at one of the world’ s biggest banks- Deutsche Bank. Former UBS banker, John Cryan will now become the sole CEO of the bank.
The resignations sent a shockwave across Europe as Germany’s biggest bank and the only rival to Wall Street giants now finds itself in a limbo.
Deutsche Bank has struggled to restore an image tainted by a raft of regulatory and legal problems which include investigations into alleged manipulation of benchmark interest rates, mis-selling of derivatives, tax evasion and money laundering.
In a last effort to restore confidence in its leadership, the German lender presented a radical management shakeup on May 21, only to face calls for Anshu Jain to resign from staff situated in its own headquarters in Frankfurt.
Deutsche Bank has declined to comment on the resignation offers.
Jain will step down on June 30 and the Supervisory Board has asked him to remain as a consultant with Deutsche Bank. The Supervisory Board has asked Fitschen to remain in his current role until the conclusion of the Annual General Meeting on May 19, 2016, to help ensure a smooth transition, it said.
On his stepping down, Jain said: “It has been 20 years since I came to work at Deutsche Bank and it has been an extraordinary time. Over the past three years, I have been afforded the privilege and honour to lead this great institution together with Jurgen. In our time as the bank’s leaders, we have boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities.”
“I believe that with Strategy 2020 in place, which puts the bank’s future on a strong track, it is right for the bank and for me to have new leadership at this time. I will be forever honoured to have served here and I am convinced that the future of the bank is bright and in very good hands,” he said further.
Paul Achleitner, Chairman of the Supervisory Board, said: “Over the course of two decades, Anshu has been instrumental in founding, and then growing, many of Deutsche Bank’s leading businesses.”
On Cryan’s appointment, Achleitner said, “John is not only a seasoned banker with extensive experience in financial matters but also espouses the professional and personal values required to advance Deutsche Bank and Strategy 2020.”