Deutsche Bank, the turnaround at the top after the scandals, via the two … – BBC

FRANKFURT

Milan , June 7, 2015 – 17:26

     
     
 

Ribaltone at the top of Deutsche Bank, one of the leading banking groups in the world that reputational through a crisis with few precedents, at least in Germany: both CEOs Anshu Jain and Juergen Fitschen, the first from July, the second will leave after the annual meeting in May 2016. Instead of Jain comes Briton John Cryan, already member of the supervisory board, which will thus become the sole director next year.

The resignation comes after the scandals of which became the protagonist the first German bank hit by two big fines (a 2.51 billion dollars from the US authorities and a 344 million dollars from the United Kingdom) for alleged manipulation of interbank rates, in particular the Libor. Thursday revealed the involvement in a matter of money laundering by some Russian clients.

The statement says Anshu Jain as the group’s business plan for 2020, which includes a program of substantial savings, the output from different countries and the sale of Postbank, is “right for the bank and for me to have a new guide. ” The chairman of the supervisory board Paul Achleitner thanked both managers for putting “the interests of the bank in front of their” and is said to Fitschen grateful to ensure a smooth transition remain in office until May 2016.

Just last May 17 is the two managers had denied rumors of their resignation in the light of the legal problems that had involved the group on several fronts, from the Fischer manipulation of interest rates. The first quarter of 2015 the group had a net profit down sharply to 559 million euro because of big fines from $ 2.5 billion, imposed by the authorities of the United States and United Kingdom to close the story of manipulation interest rates. A story that this did not involve any member of the Management Board of Deutsche Bank (current or past) but many traders that the institute had also been sanctioned internally and fired. Cryan, graduated from Cambridge offers a range of experiences in the financial and banking sector, including the presidency of the investment company of Singapore Temaesk and the chair of finance at UBS from 2008 to 2011.

7 June 2015 | 17:26

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