Deutsche Bank's co-CEOs in shock double resignation

Deutsche Bank’s Co-Chief Executives have both handed in their resignations, following the investment bank’s fine for its part in the Libor manipulation scandal.

Anshu Jain and Jürgen Fitschen will both leave the bank with Jain departing the company at the end of the month and Fitschen holding his position until the bank’s 2016 AGM.

John Cryan has been appointed as their replacement, co-heading the company with Fitschen until January while Jain will continue to advise in a consultant capacity until then.

Paul Achleitner, chairman of the supervisory board, said: “I would like to express our gratitude and respect for the contributions that Jürgen and Anshu have made to our bank. Due to their decades of commitment, Deutsche Bank attained its leadership position. Their decision to step down early demonstrates impressively their attitude of putting the bank’s interests ahead of their own”.