Deutsche Bank may replace scandal-hit co-CEO Anshu Jain: Report

Feb 19 2014, 22:46 IST
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The supervisory board of Deutsche Bank is discussing who could replace Anshu Jain. Reuters The supervisory board of Deutsche Bank is discussing who could replace Anshu Jain. Reuters
SummaryIn January, Deutsche Bank said it suspended 'at least one' currency trader.

Deutsche Bank, Germany's largest lender, is considering possibly replacing co-chief executive Anshu Jain if he is implicated in an ongoing probe into currency manipulation, according to a magazine report today.

Without revealing its sources, the monthly Manager Magazine said former UBS chief financial officer John Cryan is being eyed as Jain's possible replacement.

The supervisory board of Deutsche Bank is discussing who could replace Jain, the former head of investment banking, as regulators investigate whether a number of global banks were involved in rigging foreign exchange reference rates.

In January, Deutsche Bank said it suspended "at least one" currency trader and said it is cooperating with regulators in the global forex probe.

Deutsche Bank eyes Anshu Jain replacement: Report

(Reuters) Deutsche Bank is considering John Cryan, the former finance chief of UBS AG , as a potential replacement for co-Chief Executive Anshu Jain should he be implicated in an ongoing investigation into currency manipulation, a German magazine reported on Wednesday.

The supervisory board of Deutsche Bank is discussing who could replace Jain, the former head of investment banking, as regulators probe suspicions that a number of global banks improperly influenced benchmark foreign exchange prices, Manager Magazin reported in the summary of an article to appear in its upcoming issue.

"We don't comment on speculation and gossip," a Deutsche Bank spokesman said in reaction to the report.

Deutsche is also considering replacing its U.S.-based chief counsel Richard Walker for raising the ire of German financial regulator Bafin, the magazine reported.

As a replacement for Walker, Deutsche Bank is said to be considering UBS general counsel Markus Diethelm.

The bank has dismissed several currency traders in recent months and said it is cooperating with regulators in the global forex probe.

Cryan is the head of the European operations for Singapore's State investment vehicle Temasek.

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