The CEOs of
Deutsche Bank, Anshu Jain and Jürgen Fitschen, have said they will resign,
confirming reports that surfaced on Sunday. The bank has been hit by a number
of troubles in the recent past.
Deutsche Welle, 7 June 2015
Jain will
be stepping down on June 30, and Fitschen will stay with the bank until next
year's main shareholders meeting in May, the bank said in a statement on
Sunday. As of July 1, John Cryan, who has been on the Deutsche Bank supervisory
board, will be co-CEO with Fitschen until he departs.
The Wall
Street Journal, citing an insider, reported Sunday that Germany's largest bank
would be announcing the change in leadership.
Last month,
labor representatives at the bank's Frankfurt headquarters had called for
Jain's resignation amid a revamp expected to slash jobs in a bid to pare down
Deutsche Bank's retail and investment banking exposure.
Legal
battles
Fitschen is
on trial for fraud at a Munich court on allegations that he failed to correct
false testimony given by his former colleagues in a court case linked to the
collapse of German media mogul Leo Kirch's TV empire.
If found
guilty, he could face up to 10 years in prison.
Deutsche
Bank was also fined $55 million (49.5 million euros) by US regulators last
month for misstating important financial data regarding its potential losses
during the 2008 financial crisis.
In
addition, the bank is facing several other legal battles. Allegations include
charges that it manipulated currency markets, rigged the Libor and Euribor
interest rates and did business with countries subject to US sanctions, such as
Iran.
The bank
has 45,803 staff in Germany and 98,615 globally.
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