Deutsche Bank confirms resignations of two Co-CEOs

Jurgen Fitschen and Anshu Jain, Co-Chief Executive Officers of the Deutsche Bank, both have decided to step down early from their roles, which was confirmed by that German biggest commercial bank on Sunday.

The Supervisory Board of Deutsche Bank had held an extraordinary meeting before they declared Sunday afternoon the appointment of John Cryan, the currently fifty-four years old member of the bank's Supervisory Board, to succeed Fitschen and Jain.

Paul Achleitner, Chairman of the Supervisory Board, expressed his respect and appreciation for the contributions made by the two Co-CEOs to the bank.

"Their decision to step down early demonstrates impressively their attitude of putting the bank's interests ahead of their own,"he said.

Fitschen will continue to serve in his role until the conclusion of the Annual General Meeting on May 19 next year to help ensure a smooth transition, while Jain has been ask to remain as a consultant till January 2016, according to Achleitner.

"Upon Mr Fitschen's departure on May 19, 2016, Mr Cryan will become sole CEO,"he added.

John Cryan, graduate of the University of Cambridge, has been a member of the Supervisory Board of Deutsche Bank since 2013. He has in the meanwhile served as Chairman of the Audit Committee and a member of the Risk Committee.

Before joining that German leading commercial bank, Cryan was president for Europe at Temasek, the Singaporean investment company. Even before that he had served as Chief Financial Officer of the Swiss banking giant UBS from 2008 to 2011. Endit