Deutsche Bank put on a new governance – Les Echos

Anshu Jain and Jürgen Fitschen, the duo at the head of the first German bank since 2012, resigned on Sunday. Appointed Deputy CEO, John Cryan, former CFO of UBS, will become CEO in May 2016.

Early in recent weeks, the departure of the duo at the head of the board of Deutsche Bank since 2012 was confirmed Sunday. The two leaders “ have decided to resign from office “, said the first German bank in a statement. In the process, the Supervisory Board has appointed the British John Cryan, fifty-four, former CFO of the Swiss bank UBS, for soon take over as head of Deutsche Bank.

Everything is done so that the change of governance happens without precipitation. While the duo in place will not stay long: Indo Columbia Anshu Jain will bow end of June and will advise of the bank until January 2016. But the German Jürgen Fitschen meanwhile remain in control until May 19, 2016, date of the next general meeting of the bank. From 1 ^st July, he will share the presidency with John Cryan, decided the extraordinary supervisory board of the bank. In other words, one will end up with Deutsche Bank commands in less than a year from a non-German-speaking country banker. A first in the history of the bank.

John Cryan and Deutsche Bank have certainly done a long way together. After leaving UBS in 2011, the UK had joined the bank’s supervisory board in 2013. He now presides the Audit Committee and participates in its risk committee. “ John is not only a seasoned banker with extensive experience of financial affairs, but he also endorses the professional and personal values ​​required to move Deutsche Bank and its strategic plan to 2020 “, argued in particular Paul Achleitner, first censor of the bank in a statement. Since leaving, late last year, the fund Temasek – one of two Singapore sovereign wealth funds – John Cryan was often tipped to replace Anshu Jain, weakened by a litany of court cases, whose handling Libor reference rate which also involves other banks.

critical Rain

In addition to causing numerous scandals heavy fines, the bank is lately a poor route on the stock market, failing to deliver the expected results and give a credible prospect for investors. This earned him a barrage of criticism from shareholders. Young and larger were less likely to place their trust in the current leadership duo. Apart from a Qatari fund BlackRock Investor and the asset management subsidiary, shareholder of the bank, few gave them their vote of confidence in May during the general meeting of the bank.

The man who will take a year’s orders supported with all of the supervisory board, the new strategy of the bank presented by the outgoing duo. So do not expect John Cryan great upheaval.

This strategy, currently being specified, includes in itself many challenges. Deutsche Bank retail banking will melt in size following the sale of Postbank and the closure of nearly three an agency in Germany. While the investment bank will see its cropped edges. The first reaction to expect this Monday will be that of the Exchange. After the title of diving in recent weeks, a sharp rebound would have nothing surprising.