Regulator said pressed for Deutsche Bank chiefs to leave

Deutsche Bank - External

When the two executives who lead Deutsche Bank unexpectedly announced their resignations on Sunday, pressure from angry shareholders was widely seen as the chief factor.

The New York Times reports, however, that German regulators also played a role in the departures at the bank, according to two people briefed on the events that contributed to the leadership upheaval.

The German regulator, known as BaFin, pressed for Anshu Jain and Jürgen Fitschen to step down as co-chief executives of Deutsche Bank because of unhappiness over the way they had handled an investigation into alleged manipulation of benchmark interest rates by bank employees, the people said.

Jain and Fitschen were not accused of taking part in the manipulation, which occurred while Jain was head of the Deutsche Bank investment bank. But United States and British authorities complained in public statements that Deutsche Bank had been slow to provide information and had kept incomplete records.

To access the complete New York Times article hit the link below:

Regulator Said to Have Pressed for Exit of Deutsche Chiefs

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