Deutsche Bank turns to City again for new boss

Mr Jain will continue to advise the bank as a consultant until January

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The Independent Online

Any investors hoping to hear Anshu Jain speak at Deutsche Bank’s annual meeting last month were disappointed: his microphone was turned off as he started speaking.

The former trader, credited with building up the London-based investment bank to the point where it dominated Deutsche, moved from London to Frankfurt when he became co-CEO in 2012, but has never managed to master German.

As a result, as German law requires meetings to be conducted in German, Deutsche had to broadcast a simultaneous translation for shareholders while he was speaking.

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In contrast, John Cryan already speaks good German. An accountant rather than a trader by training, he worked in Munich for the City merchant bank SG Warburg as a corporate financier.

He was taken on as finance director at UBS in 2008, helping Switzerland's biggest bank raise fresh capital and clear its balance sheet of toxic subprime debt built up ahead of the credit crisis.

After he stepped down for personal reason in 2011, he joined Singapore's sovereign wealth fund, Temasek, running its European operations until last July. He also joined Deutsche's supervisory board in 2013, a role he will relinquish when he becomes CEO next month.

Mr Jain will continue to advise the bank as a consultant until January.