Deutsche Bank Names John Cryan New CEO

Cryan has served as a member of Deutsche Bank's Supervisory Board since 2013 and as a chairman of the Audit Committee and member of the Risk Committee. Cryan will step down from the Supervisory Board following his appointment as co-CEO.

Jürgen Fitschen and Anshu Jain, the current co-CEOs at Deutsche Bank, will both step down from their roles at the firm. Jain will leave his role on June 30, but will remain with the firm in as a consultant until January 2016.

Fitschen will remain co-CEO until after the annual general meeting on May 19, 2016, to help with the transition. Following Fitschen's departure, Cryan will serve as sole CEO.
Prior to joining Deutsche Bank, Cryan served as president of Europe for Temasek, a Singaporean investment firm, from 2012 to 2014. The University of Cambridge graduate also was chief financial officer of UBS from 2008 to 2011, and worked in corporate finance and client advisory roles at UBS and SG Warburg since 1987.

"John is not only a seasoned banker with extensive experience in financial matters but also espouses the professional and personal values required to advance Deutsche Bank and Strategy 2020," said Paul Achleitner, chairman of the Supervisory Board of Deutsche Bank, in a statement. "He knows the bank well, and we are convinced that he is the right person at the right time. We wish John and all of our employees success in this important next phase for the bank."