Deutsche Bank purges leadership, appoints new CEO

PanARMENIAN.Net - Germany's largest lender Deutsche Bank purged its leadership on Sunday, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganize the bank, Reuters reports.

Deutsche Bank has struggled to restore an image tarnished by a raft of regulatory and legal problems which include probes into alleged manipulation of benchmark interest rates, misselling of derivatives, tax evasion and money laundering.

The German lender presented a radical management shake-up on May 21 in a last ditch attempt to restore confidence in its management, but some investors demanded more changes.

Cryan, 54, has been on the bank's supervisory board since 2013 and was a former chief financial officer of rival bank UBS. He will replace co-CEO Jain, who will resign on June 30, and become the sole CEO when the other co-CEO, Juergen Fitschen, steps down next year, the bank said.

Cryan said there was work to be done. "Our future will be defined by how well we deliver on strategy, impress clients and reduce complexity," he said in a Deutsche statement announcing his appointment. The new CEO, who starts on July 1, was heavily involved in the bank's new strategy blueprint and is unlikely to make significant changes to it, a senior bank source told Reuters.

"The strategy will not be reformulated but there's obviously room to shape the details of the strategy," the source said.