Trial against Deutsche Bank co-CEO continues

Trial against Deutsche Bank co-CEO continues

Trial against Deutsche Bank co-CEO continues

Written by Staff Writer

09 Jun, 2015 | 4:15 pm

Two days after Deutsche Bank co-CEO Juergen Fitschen announced his resignation for next year, the top banker appeared in court in Munich on Tuesday June 9 where he is on trial on false testimony charges.

Fitschen is required to appear nearly every week at a criminal court in Munich to defend himself against allegations that he misled investigators in a dispute with the heirs of the Kirch media empire.

“The resignation (of Fitschen) is irrelevant for this trial because the charges are not related to the current position of the accused at Deutsche Bank,” court spokeswoman Andrea Titz told reporters ahead of Tuesday’s court session.

Germany’s largest lender Deutsche Bank has struggled to restore an image tarnished by a raft of regulatory and legal problems which include probes into alleged manipulation of benchmark interest rates, mis-selling of derivatives, tax evasion and money laundering.

On Sunday June 7, Deutsche Bank purged its leadership, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganise the bank.

Cryan has been on the bank’s supervisory board since 2013 and was a former chief financial officer of UBS. He will replace co-CEO Jain, who will resign on June 30, and become the sole CEO when the other co-CEO, Fitschen, steps down next year, the bank said.

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