Deutsche Bank shares are exploding after cco-CEOs Anshu Jain and Jurgen Fitschen announced that they'll be quitting over the weekend, to be replaced John Cryan.
Shares surged by nearly 8% as markets opened early Monday.
Here's how it looks:
Investing.com, Business Insider
A jump that size adds over €2.5 billion ($2.79 billion, £1.82 billion) to Deutsche Bank's market capitalisation, a pretty brutal indictment of the performance of its CEOs.
Cryan was previously CFO at Swiss investment banking giant UBS.
The move came despite the fact that Jain had recently presented a plan for structural change for the bank, with major cuts and a retreat from retail banking. According to Reuters, Jain believed that a CEO would need at least five years to make the changes, something which he either couldn't or wouldn't do.
Jain will be stepping down at the end of June, while Fitschen will be going next May. According to the Wall Street Journal, a source said that Jain found his lack of German language fluency to be a barrier in communicating within the organisation.