#AceBreakingNews – Featured Update:GERMANY:June.07: Deutsche Bank’s two co-chief executives resign in the wake of a series of missteps, the Wall Street Journal reported Sunday citing people familiar with the matter.
Juergen Fitschen and Anshuman Jain’s resignations announced by France24 on Sunday, the outlet cites one person as saying. It adds Jain will stay with the banking giant as a consultant after June, while Fitschen will retain his post until next May.
The co-CEOs are thought to be quitting in the wake of a series of pratfalls, including a $2.5 billion fine for attempted interest rate manipulation, according to the publication.
The anticipated announcement also follows Friday’s launch of an investigation into money laundering of about $6 billion from 2011 to 2015 through Deutsche Bank’s Russian clients.
The bank was one of many financial institutions implicated in the 2008 real estate bubble that gave way to a global financial crisis. Deutsche Bank reached a settlement with shareholders early last year.
It is unclear yet who will succeed Fitschen and Anshuman as Deutsche Bank’s next chief executives.