Shares in Germany's Deutsche Bank soar after announcement that co-CEOs Jain, Fitschen to go
{{#rendered}} {{/rendered}}FILE - In this May 22, 2014 file photo Co-CEOs of Deutsche Bank Anshu Jain, left, and Juergen Fitschen pose for photographers during the annual shareholders meeting in Frankfurt, Germany. Deutsche Bank said Sunday, June 7, 2015 that Jain and Fitschen will resign. John Cryan will succeed Jain in July 2015 and will become the sole CEO in May 2016. (AP Photo/Michael Probst, file) (The Associated Press)
Deutsche Bank shares are soaring following the announcement that the company's co-CEOs, Anshu Jain and Juergen Fitschen, will step down early.
The bank's shares were up 5.7 percent in midday trading Monday in Frankfurt at 29.20 euros — by far the biggest gainer on the DAX index of leading German shares, which was off 0.6 percent.
The bank announced Sunday that Jain will depart at the end of this month while Fitschen will follow next May. Their successor will be British banker John Cryan, initially as co-CEO with Fitschen and then in sole charge.
{{#rendered}} {{/rendered}}Under Jain and Fitschen, Deutsche Bank has struggled to get over legal issues put dating back years and has seen disappointing profits.