February 19, 2014 / 11:34 AM / 5 years ago

Deutsche Bank eyes Jain replacement - report

Anshu Jain (R) and Juergen Fitschen, Co-CEOs of Deutsche Bank AG arrive for the bank's annual news conference in Frankfurt, January 29, 2014. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) is considering John Cryan, the former finance chief of UBS AG UBSN.VX, as a potential replacement for co-Chief Executive Anshu Jain should he be implicated in an ongoing investigation into currency manipulation, a German magazine reported on Wednesday.

The supervisory board of Deutsche Bank is discussing who could replace Jain, the former head of investment banking, as regulators probe suspicions that a number of global banks improperly influenced benchmark foreign exchange prices, Manager Magazin reported in the summary of an article to appear in its upcoming issue.

“We don’t comment on speculation and gossip,” a Deutsche Bank spokesman said in reaction to the report.

Deutsche is also considering replacing its U.S.-based chief counsel Richard Walker for raising the ire of German financial regulator Bafin, the magazine reported.

As a replacement for Walker, Deutsche Bank is said to be considering UBS general counsel Markus Diethelm.

The bank has dismissed several currency traders in recent months and said it is cooperating with regulators in the global forex probe.

Cryan is the head of the European operations for Singapore’s State investment vehicle Temasek TEM.UL.

Reporting by Thomas Atkins

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