BERLIN: In a surprise move, India-born Anshu Jain has resigned as the Co-CEO of Germany’s biggest bank – Deutsche Bank – losing the top spot to former UBS banker John Cryan, who will serve as the Co-CEO and will become the “sole CEO” after May 19.
Jain is the second Indian to resign from a global bank after Vikram Pandit who stepped down as the CEO of Citigroup in 2012.
He is also the second Indian to quit a German industry giant after reaching one of the top spots in the leadership ladder after Infosys CEO Vishal Sikka, who resigned as the Executive Board Member of the software major SAP in 2014.
The Germany-based bank has appointed former UBS banker Cryan as the Co-Chief Executive Officer, effective next month, and he will succeed the existing CO-CEOs Jurgen Fitschen and Jain.
“The appointment of Cryan as Co-CEO follows the decision of Fitschen (66) and Jain (52), Co-CEOs, to step down early from their roles,” Deutsche Bank said in a statement.
Jain will step down on June 30 and the Supervisory Board has asked him to remain as a consultant with Deutsche Bank.
The Supervisory Board has asked Fitschen to remain in his current role until the conclusion of the Annual General Meeting on May 19, 2016, to help ensure a smooth transition, it said.
“Their contracts were due to run through to March 31, 2017. Upon Fitschen’s departure on May 19, 2016, Cryan will become sole CEO,” the bank said.
Deutsche Bank said its Supervisory Board decided at an extraordinary meeting to appoint Cryan (54) to the position of CO-CEO.
On his stepping down, Jain said: “It has been 20 years since I came to work at Deutsche Bank and it has been an extraordinary time. Over the past three years, I have been afforded the privilege and honor to lead this great institution together with Jurgen.”
He further said: “In our time as the bank’s leaders, we have boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities.” -PTI
