Shares of Deutsche Bank, the German giant in global banking and financial services, have jumped 7%, after the Bank announced the resignation of its two co-chief executives a day earlier.
The banking group had announced on Sunday that its co-CEO Anshu Jain will resign at the end of this month, while the other co-CEO Juergen Fitschen will step down after the Bank’s annual shareholder meeting in May 2016. The Frankfurt-based global bank also said it has appointed supervisory board member John Cryan, 54, to replace Mr. Jain as co-CEO and he will become sole CEO after Fitschen steps down next year.
The crucial change at the top executive level came, following poor financial performance at the bank and a series of recent scandals, including a $2.5bn (£1.7bn) fine for its part in rigging the Libor inter-bank lending rate.
Analysts say the change was much needed, pointing out the share jump immediately after the resignation announcement came from the bank.