Deutsche Bank purges leadership, appoints new CEOJune 8, 2015 - 08:45 AMT PanARMENIAN.Net - Germany's largest lender Deutsche Bank purged its leadership on Sunday, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganize the bank, Reuters reports. Deutsche Bank has struggled to restore an image tarnished by a raft of regulatory and legal problems which include probes into alleged manipulation of benchmark interest rates, misselling of derivatives, tax evasion and money laundering. The German lender presented a radical management shake-up on May 21 in a last ditch attempt to restore confidence in its management, but some investors demanded more changes. Cryan, 54, has been on the bank's supervisory board since 2013 and was a former chief financial officer of rival bank UBS. He will replace co-CEO Jain, who will resign on June 30, and become the sole CEO when the other co-CEO, Juergen Fitschen, steps down next year, the bank said. Cryan said there was work to be done. "Our future will be defined by how well we deliver on strategy, impress clients and reduce complexity," he said in a Deutsche statement announcing his appointment. The new CEO, who starts on July 1, was heavily involved in the bank's new strategy blueprint and is unlikely to make significant changes to it, a senior bank source told Reuters. "The strategy will not be reformulated but there's obviously room to shape the details of the strategy," the source said. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | EU to provide budgetary support to Armenia The agreement is aimed at increasing the competitiveness of the educational system of Armenia. Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. Azerbaijan proposes Armenia to jointly seek cancelation of Minak Group The Azerbaijani President maintained that the move will show “how sincere Armenia is.” Seven injured in massive gas station explosion in Armenia The Investigative Committee of Armenia has unveiled details about a massive explosion at a gas station on the Yerevan-Sevan highway. |