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 with U.S and the U.K. authorities due to investigations into rigging Libor and IBOR rates. However, the bank does not envision such a heavy burden on the balance sheet with regards to parallel FX rigging probe.
