Shares of Deutsche Bank jump on management purge

Frankfurt

THE appointment of John Cryan as chief executive of Deutsche Bank sent shares in Germany's largest lender up 8 per cent on Monday as investors judged the Briton a more credible contender than his two ousted predecessors to revive the bank's fortunes.

Mr Cryan faces one of the most difficult jobs in global finance as he aims to move Deutsche Bank beyond the raft of regulatory and legal probes that have bedevilled the bank under its current management and execute a strategic overhaul.

Mr Cryan takes over from Anshu Jain and Juergen Fitschen, Deutsche's co-chief executives, who announced their resignations on Sunday, just over a month after unveiling a cost-cutting drive designed to arrest the bank's sub-par perform…