John Cryan, former UBS Chief Financial Officer and on Deutsche Bank’s supervisory board, has been appointed the latter’s new Chief Executive Officer, as the bank tries to clean up its image.
ZURICH, SWITZERLAND (REUTERS) – Deutsche Bank appointed John Cryan as its new CEO on Sunday (June 7) after co-chief executives Anshu Jain and Juergen Fitschen resigned following criticism from investors.
Cryan, 54, has been on the bank’s supervisory board since 2013 and was a former chief financial officer of UBS. He will replace Jain from July 1 and become the sole CEO when Fitschen steps down next year, the bank said.
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, mis-selling of derivatives, tax evasion and money laundering.