The Asian offices of Deutsche Bank are opening this morning to learn that over the weekend their co CEO’s abruptly resigned.
John Cryan, a member of the bank’s supervisory board and the former chief financial officer of UBS, will take over. Mr. Cryan was President for Europe at Temasek, the Singaporean investment company, from 2012 to 2014. He was Chief Financial Officer of UBS from 2008 to 2011 and worked in corporate finance and client advisory roles at UBS and SG Warburg since 1987.
Deutsche Bank’s current co-CEOs, Anshu Jain and Juergen Fitschen, are said to be stepping down in phases. Jain will leave within the month so will be gone on June 30. Fitschen will depart next year leaving John Cryan to become the lone CEO.
The German banking giant has been working hard to calibrate operations in an effort to restore their standing which has been badly damaged by a flurry of regulatory fines, high profile legal problems, and financial mistakes.
