Anshu Jain to work for 6 months at Deutsche Bank for free

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 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.

Deutsche Bank declined to comment.

Reuters