ALL CHANGE: Anshu Jain (right) and Juergen Fitschen
Shares of European financial giant Deutsche Bank soared nearly eight per cent on the Frankfurt stock exchange on Monday (8), the day after its co-chief executives announced they were resigning as the banking group faces a wave of scandals and missed profit targets.
Deutsche Bank shares on the DAX 30 index shot up 7.91 per cent to €29.80 around 0705 GMT, with the overall market essentially flat.
Anshu Jain will resign at the end of June, while Juergen Fitschen plans to stay on in the job until after Deutsche Bank’s annual shareholder meeting in May 2016.
Germany’s largest lender is mired in around 6,000 different litigation cases and was last month fined a record $2.5 billion (€2.2bn/£1.6bn) for its involvement in an interest rate-rigging scandal.
In mid-May, the bank confirmed it had opened an internal probe into its investment division in Russia, with the German press speaking of possible money laundering.
Bloomberg reported the case involved some $6bn in transactions over four years.
Jain and Fitschen had taken the reins of the bank with the promise of ending a string of scandals, improving its image and making the institution more profitable.
But three years later the results are still not where shareholders want them to be and the bank’s legal troubles have not gone away.
Fitschen is on trial in Germany on allegations he gave misleading testimony in 2002 and faces prison.