Deutsche Bank CEO to work for free following resignation

Anshu Jain, Co-Chief Executive for Deutsche Bank, will reportedly receive no compensation and no severance pay for the six months after his departure from the company.

Jain has declined to take his remaining annual salary of 7 million euros as well as turning down any customary “golden goodbye”, essentially working for free. The Deutsche Bank executive explained to German newspaper Frankfurter Allgemeine Sonntagszeitung that he did not want to financially burden the bank with his own personal resolution to leave.

The resignation follows a barrage of bad publicity, including investor criticism, fines, scandals and government investigations, during which both Jain and co-CEO Juergen Fitschen announced their plans to step down.

The position will be filled by John Cryan, British businessman and former Finance Chief for UBS AG, in early July. Jain has agreed to aid Cryan with the transition for a period of six months, during which he will receive no wage and no monetary recompense.