June 15, 2015 1:30:28 pm
Deutsche Bank co-chief executive Anshu Jain will receive no severance pay and no compensation for working as an adviser to the bank in the six months after his departure, German media reported on Sunday.
Jain did not want to financially burden the bank with his own, personal decision to quit, which followed a hailstorm of investor criticism, scandals, fines and investigations, reported the Frankfurter Allgemeine Sonntagszeitung.
Jain and his counterpart, co-CEO Juergen Fitschen, shocked staff and investors by announcing plans to leave early one week ago.
John Cryan, investment banking veteran and former finance chief of Swiss bank UBS AG, becomes CEO in July.
Jain, whotook over as co-CEO of Deutsche Bank on June 1, 2012, will receive no severance pay nor the remaining salary of about 7 million euros per year because he initiated his own departure, the paper reported.
Jain, who joined Deutsche Bank’s nascent markets busines in 1995, has also agreed to assist Cryan with the transition for six months without remuneration, newspaper Bild am Sonntag wrote.
Deutsche Bank declined to comment.
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