Jain to work as adviser in Deutsche Bank for free

Wednesday 17th June 2015 06:22 EDT

Deutsche Bank co-Chief Executive Anshu Jain, who has resigned as co- Chief Executive of Deutsche Bank, will work as an adviser for six months after his departure with out any pay. 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 last week. John Cryan, investment banking veteran and former finance chief of Swiss bank UBS AG, becomes CEO in July. Jain 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.

He has also agreed to assist Cryan with the transition for six months without remuneration, newspaper Bild am Sonntag wrote.

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