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Deutsche Bank co-CEOs 'planning to resign': WSJ report

The CEOs of Deutsche Bank, Anshu Jain and Jürgen Fitschen, are planning to resign, according to a report by the Wall Street Journal. The bank has been hit by a number of troubles in the recent past.

The Wall Street Journal cited an insider as saying that Jain (L. in above photo) and Fitschen (R.) were expected to announced their joint resignations as early as Sunday.

The source behind Sunday's report was quoted as saying that Jain would resign at the end of June and remain on at the bank as a consultant, while Fitschen intended to leave after Deutsche Bank's next annual meeting in May 2016.

Last month, labor representatives at the bank's Frankfurt headquarters had called for Jain's resignation amid a revamp expected to slash jobs in a bid to pare down Deutsche Bank's retail and investment banking exposure.

Legal battles

Fitschen is on trial for fraud at a Munich court on allegations that he failed to correct false testimony given by his former colleagues in a court cause linked to the collapse of German media mogul Leo Kirch's TV empire.

If found guilty, he could face up to 10 years in prison.

Deutsche Bank was also fined $55 million (49.5 million euros) by US regulators last month for misstating important financial data regarding its potential losses during the 2008 financial crisis.

In addition, the bank is facing several other legal battles. Allegations include charges that it manipulated currency markets, rigged the Libor and Euribor interest rates and did business with countries subject to US sanctions, such as Iran.

The bank has 45,803 staff in Germany and 98,615 globally.

tj/ (AFP, dpa, Reuters)

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