Anshu Jain is to leave at the end of this month, while Jurgen Fitschen will stay in place for another year in order to provide a smooth handover. The surprise announcement came yesterday, just a month after the pair presided over the unveiling of a new strategy to turn the bank around.
Investors voted against
The bank has been hit by difficult markets but also by growing regulatory burdens and by a series of penalties and regulatory problems that culminated in a US$2.5bn settlement with regulators in April over its involvement in the fixing of Libor. Some investors were disappointed that the strategy announced a month ago was not more specific. It was followed by a disastrous annual general meeting a fortnight back in which 39 per cent of investors voted against the board, and some even called for the resignation of the chief executives.
Legal head moves
A Briton, John Cryan, is to take over. He is a former chief financial officer at UBS. The man charged last October with getting a grip of the regulatory issues, Christian Sewing, was transferred into a new role two weeks ago - and will now be in charge of the retail division. Source: Financial Times
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