Deutsche Bank has appointed John Cryan, a member of Deutsche Bank’s Supervisory Board, as its new co-CEO, through an emergency meeting after the bank’s co-CEOs Anshu Jain and Juergen Fitschen offered to resign.

Jain, a longtime investment-banking executive, will depart from the bank on 30 June 2015 while Fitschen will step down after Deutsche Bank’s annual shareholder meeting in May 2016.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The joint resignations come as the Frankfurt-headquartered bank seek to restore an image tarnished by a raft of regulatory and legal problems which include probes into alleged manipulation of benchmark interest rates, mis-selling of derivatives, tax evasion and money laundering.

Cryan, who served the Singaporean investment company Temasek as the president for Europe from 2012 to 2014, will adorn his new role on 1 July 2015 replacing Jain.

Previously, Cryan has been associated with UBS as its CFO from 2008 to 2011 and worked in corporate finance and various client advisory roles at UBS and SG Warburg since 1987.

Deutsche Bank Supervisory Board chairman Paul Achleitner said: "On behalf of the Supervisory Board, I would like to express our gratitude and respect for the contributions that Jürgen and Anshu have made to our bank.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"Their decision to step down early demonstrates impressively their attitude of putting the bank’s interests ahead of their own.

"We are pleased to have appointed John Cryan as Co-Chief Executive Officer. John is not only a seasoned banker with extensive experience in financial matters but also espouses the professional and personal values required to advance Deutsche Bank and Strategy 2020."