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Both of Deutsche Bank's chief executive officers announced their resignations, the latest sign of turmoil in one of Europe's most venerable banks as shareholder discontent swirls around the institution.
Anshu Jain and Jürgen Fitschen announced plans to depart the bank, ending a stormy tenure in which the bank struggled to right itself after the 2008 financial crisis. The power sharing arrangement is coming to an end just days after Deutsche bowed to investor pressure by reshuffling its executive ranks, in an attempt to address a crisis of confidence in the bank.
The pair will be replaced by John Cryan, a former UBS finance chief, the bank said on Sunday.
Jain, a former trader and investment banker, plans to step down effective at the end of June while Fitschen won't depart until after Deutsche Bank's annual shareholder meeting next May. The news was first announced by the Wall Street Journal early Sunday, citing unnamed sources.
Investors have been calling for the scalps of both men for weeks.In late May, the bank gave more power to Jain in a management shake-up, a move that failed to quell shareholder anger over the bank's lackluster performance and regulatory troubles.
Jain was originally expected to spearhead a reorganization drive that would pare nearly 5 billion euros from the bank's bottom line.