Deutsche Bank shares are exploding after cco-CEOs Anshu Jain and Jurgen Fitschen announced that they will be quitting over the weekend, to be replaced John Cryan.
Shares surged by nearly 8% as markets opened early Monday.
Here’s how it looks:
A jump that size adds over €2.5 billion ($US2.79 billion, £1.82 billion) to Deutsche Bank’s market capitalisation, a pretty brutal indictment of the performance of its CEOs.
Jain will be stepping down at the end of June, while Fitschen will be going next May. According to the Wall Street Journal, a source said that Jain found his lack of German language fluency to be a barrier in communicating within the organisation.