The Cryan game

7 June 2015 By George Hay Follow @gfhay

Joint bosses Anshu Jain and Juergen Fitschen are being replaced by ex-UBS CFO John Cryan. It’s oddly timed, but logical after poor results, scandals and rising investor ire. Cryan, though, needs to swiftly fill in the gaps of a questionable strategy that isn’t entirely his own.

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Deutsche Bank announced on June 7 that John Cryan, a member of its supervisory board since 2013, has been appointed co-chief executive, as of July 1.

Anshu Jain, one of the German lender’s two current CEOs, will leave his position at the end of June. Co-CEO Juergen Fitschen will leave after the 2016 annual general meeting, leaving Cryan as sole CEO.

Deutsche Bank said its supervisory board had asked Jain to remain a consultant until January 2016. His contract had been due to run until March 31, 2017. The board also asked Fitschen to remain until May 19, 2016 to smooth the transition.

Supervisory board chairman Paul Achleitner said Jain and Fitschen’s decision to step down early demonstrated their attitude of putting the bank’s interests ahead of their own.

Jain said that it had been a privilege to lead the bank and that in his time as CEO he and Fitschen had boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities, as well as keeping clients happy and revenue growing.

Jain added that Strategy 2020, Deutsche’s new strategic plan unveiled in April, meant that the bank’s future was on a strong track.

Cryan was president for Europe at Singaporean investment firm Temasek between 2012 and 2014, and before that chief financial officer of UBS between 2008 and 2011.

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