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Deutsche Bank, however, said Jain along with Fitschen is focused on achieving a three-year strategy, which includes cost savings of €4.5 billion by December 2015. Photo: Bloomberg
Deutsche Bank, however, said Jain along with Fitschen is focused on achieving a three-year strategy, which includes cost savings of €4.5 billion by December 2015. Photo: Bloomberg

Deutsche Bank says Anshu Jain has ‘full support’

The bank says any rumour to the contrary is categorically false and irresponsible

Mumbai: Deutsche Bank AG, Germany’s largest lender, said on Thursday that its co-chief executive officer (CEO) Anshu Jain “continues to enjoy the bank’s full support" even as it like its peers is “resolving legacy issues."

The bank’s statement came a day after Manager Magazin, a German monthly, reported that Deutsche is considering replacing Jain if he is implicated in an ongoing probe into currency manipulation.

“We are pleased that Anshu Jain is our co-CEO, and he continues to enjoy the bank’s full support," the bank said in the statement.

“As we said previously, any rumour to the contrary is categorically false and irresponsible. Under Anshu’s leadership and that of his fellow co-CEO, Juergen Fitschen, the bank has implemented a three-year strategy that, while still only halfway through, is beginning to yield powerful results," Deutsche Bank said. “We are building the foundations for a sustainable, strong global universal bank, while, like our peers, resolving legacy issues."

In its report on Wednesday, Manager Magazin, citing unnamed people, said Deutsche Bank’s supervisory board is discussing who could replace Jain, even as global regulators investigate whether a number of global banks were involved in rigging foreign exchange reference rates.​

Deutsche Bank, however, said Jain along with Fitschen is focused on achieving a three-year strategy, which includes cost savings of €4.5 billion by December 2015.

Last month the bank announced a loss of €1 billion in the fourth quarter ended December 2013 mainly weighed down by regulatory charges and fall in revenues at its investment banking business.

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