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Deutsche Bank denies Anshu Jain being replaced

Deutsche Bank said its board of directors backs its co-chief executive Anshu Jain, dismissing reports that the German bank was considering replacing Jain. A statement by the bank said: “We are pleased that Anshu Jain is our co-CEO, and he continues to enjoy the bank’s full support. Any rumour to the contrary is categorically false and irresponsible.” A German magazine had said Jain may be replaced by former UBS chief financial officer John Cryan. The contract of the Jaipur-born Jain, who is the first Indian to head the 145-year-old bank, expires in 2017. Under Jain’s leadership and that of his co-CEO Juergen Fitschen, the second largest European bank has implemented a three-year strategy which is beginning to yield powerful results though it is only halfway through, a bank spokesman said. “We are building the foundations for a sustainable, strong global universal bank, while, like our peers, resolving legacy issues,” he added.

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