Deutsche shares jump as CEOs resign

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Deutsche Bank shares rose by up to 8% following the Deutsche Bank’s announcement on Sunday afternoon that Anshu Jain and Jürgen Fitschen are set to resign from their positions as co-CEOs of the group.

The announcement comes just weeks after Deutsche’s annual general meeting, during which the board announced an expansion of Jain’s responsibilities as CEO. The reshuffle was met with shareholder objection as 39% voted against the board.

Deutsche Bank announced that Jain will resign from his position as of 30 June, he will remain with the group as a consultant until January 2016. Fitschen will remain with the group until the next annual general meeting in May 2016.

In the meantime, John Cyran has been appointed to the position of co-CEO as of 1 July. He 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. Upon becoming Co-CEO, he will step down from the Supervisory Board.

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