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Anshu Jain resigns as Co-CEO of Deutsche Bank

India origin, head of Germany’s biggest lender, Deutsche Bank: Anshu Jain, has resigned as the co-CEO, along with Juergen Fitschen. Former UBS banker John Cryan, who is replacing Jain will serve as the co-CEO along with Fitschen ( who has been asked to remain in his current role until the conclusion of the Annual General Meeting on May 19, 2016, to help ensure a smooth transition), and will take complete authority after May 19, 2016, as the sole CEO.

Jain, who will step down on June 30, will remain as a consultant with Deutsche Bank. “I believe that with Strategy 2020 in place, which puts the bank’s future on a strong track, it is right for the bank and for me to have new leadership at this time. I will be forever honoured to have served here and I am convinced that the future of the bank is bright and in very good hands,” he said in a press release.

Jain, after this, becomes the second Indian to have quit a top spot in a German industry giant. Last year, Vishal Sikka (present Infosys: CEO), resigned as the executive board member of the German software major SAP. He is also the only second Indian to step down from a global bank after Vikram Pandit resigned from Citigroup in 2012.