NEW YORK (The Deal) -- Deutsche Bank (DB) on Sunday, June 8, announced the resignation of its co-CEOs, delighting investors worried the duo did too little to end a series of scandals and lacked the power to usher in a new era at Germany's biggest bank.
Anshu Jain will resign from Frankfurt-based Deutsche on June 30, while partner CEO Jürgen Fitschen will remain atop the bank until after next year's May 19 shareholders' meeting. Fitschen will govern alongside his eventual replacement, John Cryan, who will become co-CEO on July 1 and then rule alone after Fitschen steps down next year.
Cryan, 54, has been a member of Deutsche's supervisory board since 2013. He leads the audit committee and is a member of the risk committee. He was European president of Singporean sovereign wealth fund Temasek Holdings from 2012 to 2014 and CFO at Swiss UBS (UBS) from 2008 to 2011.
Jain and Fitschen in April announced a new strategic direction, known as 2020, to increase profits and end a series of scandals that cost the bank €7.1 billion ($7.9 billion) over the past three years in fines and settlements. The pair promised to sell or list Deutsche's Postbank retail division, shutter 200 branches and reduce investment banking activities but stopped short of ending the institution's role as a "universal" bank, as some had hoped.