Deutsche Bank Co-CEOs Announce Resignations
FRANKFURT, Germany, June 7 (UPI) — Anshu Jain and Jürgen Fitschen, co-chief executives at one of the largest banks in the world, Deutsche Bank, announced their resignation from the company Sunday.
Jain, 52, and Fitschen, 66, are set to be replaced by John Cryan, 54, the former chief financial officer of the Swiss bank UBS and a member of Deutsche Bank’s supervisory board. The two will remain in their positions for several months to help create a smooth transition, the bank said.
Paul Achleitner, chairman of the supervisory board of the bank expressed “gratitude and respect” for Jain and Fitschen’s contributions.
“Their decision to step down early demonstrates impressively their attitude of putting the bank’s interests ahead of their own,” he said.
The move comes just weeks after the bank was fined $2.5 billion by regulators, including the U.S. Department of Justice, to settle interest rate manipulation accusations. Large shareholders with Deutsche Bank called for Jain and Fitschen’s resignation nearly two years before their contracts are set to expire in March 2017.
The record fine stems from accusations that the bank helped manipulate benchmarks used to set interest rates on on trillions of dollars in mortgages, student loans, and other debt.
The bank was ordered to pay $2.175 billion to the Department of Justice, the Commodity Futures Trading Commission and the New York State Department of Financial Services and about $340 million to the United Kingdom’s Financial Conduct Authority.
In the investigation, more than 21 million electronic documents and 320,000 audio files were reviewed. Bank employees in London, Frankfurt, New York and Tokyo deliberately fixed interest rates from 2005 to 2011, according to authorities.
The previous record for the largest fine paid was by the Swiss bank UBS for $1.5 billion in 2012.
Andrew V. Pestano contributed to this report.