Germany’s biggest bank, Deutsche Bank, said its co-chief executives Anshu Jain and Juergen Fitschen would step down.
Mr Jain and Mr Fitschen became the joint chief executives of the bank in 2012, succeeding Josef Ackermann. Deutsche Bank said yesterday that Mr Jain will step down on June 30 and Fitschen in May 2016.
It said that John Cryan, a member of the bank’s supervisory board, will become the co-chief executive next month and take sole control when Mr Fitschen leaves.
Deutsche Bank did not give a reason for the switch.
“Anshu was always viewed with suspicion in Germany, where a lot of people thought the problems, such as Libor and foreign exchange, were all down to the investment bank, which he ran for a very long time,” said Christopher Wheeler, an analyst at Atlantic Equities.
The Wall Street Journal first reported the departures of Mr Jain and Mr Fitschen on its website. The succession of Mr Cryan, a former chief financial officer at UBS was first reported by the Financial Times.
“People will like John because he shrunk UBS,” Mr Wheeler said. “John has been there and got the T-shirt in the eye of the crisis.”
At the company’s annual meeting last month, Mr Jain and Mr Fitschen faced shareholder wrath over a string of scandals and poor profitability.
At the meeting, 61 per cent of investors voted to support management, the lowest level since 2002.
Deutsche Bank employs a worldwide workforce of more than 98,000.
The bank has had a presence in the Middle East for more than half a century. In 1959, it opened its first office in the region in Cairo. It first set up shop in the UAE in 1999 with a representative office in Abu Dhabi and it was only in 2005 that it opened a branch in the Dubai International Financial Center, the region’s financial hub. As of last year, Deutsche employed 300 people across 11 offices in the Middle East and North Africa, including Pakistan.
The bank’s presence in the UAE has at times been fraught. In April, the bank was fined $8.4 million by the Dubai Financial Service Authority because of irregularities in lender’s wealth management business that included failures in anti-money laundering processes and misleading the DFSA.
Disputes with regulators have been an issue for the bank around the world.
* agencies, with additional reporting by Mahmoud Kassem of The National
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