At the annual reception of the Bundesverband Deutscher Banken – the association of private banks in Germany – held in Berlin in mid-April, its president Jürgen Fitschen told the gathering that it was “a time of big challenges for banks”, with low-interest income, regulatory burdens and the risk aversion of German retail investors impacting upon revenues.
In spite of this gloomy picture, Mr Fitschen would hardly have believed that less than two months later he and co-CEO of Deutsche Bank Anshu Jain would be tendering their resignations. Mr Jain’s leaving date was set for June 30, with Mr Fitschen staying on in an interim capacity to help John Cryan prepare to take over as sole CEO early next year.
