John Cryan Named Deutsche Bank CEO as Fitschen, Jain Step Down

Frankfurt head-quartered Deutsche Bank (NYSE: DB) has appointed John Cryan as the firm’s Chief Executive officer, as current co-CEOs Jürgen Fitschen and Anshu Jain have decided to resign.

Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank, said that “their decision to step down early demonstrates impressively their attitude of putting the bank's interests ahead of their own.”

Mr. Fitschen, who is accused of giving misleading evidence regarding Kirch media’s conglomerate collapse in 2002 but denies all charges, will remain in his position until May 2016 to secure a smooth transition. Mr. Jain will leave at the end of June, serving as an outside consultant for additional six months.

Mr. Cryan has been a member of Deutsche Bank's Supervisory Board since 2013, and has served as Chairman of the Audit Committee and a member of the Risk Committee. He served as President for Europe at Temasek, the Singaporean investment company for two years from 2012-2014. Beforehand he was the Chief Financial Officer of UBS.

Commenting on the news Mr. Cryan said in an announcement that the bank’s future under his reign will be defined by “how well we deliver on strategy, impress clients and reduce complexity.”

FX market share, comes with baggage

Deutsche Bank AG is a meaningful player in the institutional FX realm. According to Euromoney FX Survey published last month, it holds a market share of 14.54%, second only to that of Citi (together they account of as much of a third of the market).

In the first quarter of 2015, the Bank was crippled by 1.5 billion in litigation expenses over Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term with U.S and the U.K. authorities due to investigations into rigging Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term and IBOR rates. However, the bank does not envision such a heavy burden on the balance sheet with regards to parallel FX rigging probe.