Deutsche Bank AG has announced the appointment of John Cryan, a former UBS AG finance chief, to replace its co-chief executives who have resigned.
Anshu Jain will step down at the end of June, while the other co-CEO, Jürgen Fitschen, will leave after the bank’s annual shareholder meeting next May, the Wall Street Journal reported.
The joint resignations follow a series of financial missteps and regulatory penalties at the Frankfurt-headquartered bank, the newspaper said.
The decision was driven largely by the amount of criticism Jain was getting in Germany, from labor unions and the media, specifically focused on the bank’s decision to cut thousands of jobs and close many branches, a source told WSJ.
Jain felt that his inability to speak fluent German, and to engage with shareholders at the bank’s annual meeting, posed major obstacles.
He viewed himself as a lightning rod that was an increasingly serious distraction that was interfering with the bank’s ability to thrive, the report said.
Adding to the pressure on the co-CEOs, Fitschen, 66, is on criminal trial in Germany in connection with the collapse of the Kirch media empire in 2002.
He is accused of giving false testimony in a long-running legal battle with heirs of late media mogul Leo Kirch. Fitschen has denied the charges.
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