Deutsche Bank shares soar nearly 8%

Shares of European financial giant Deutsche Bank soared nearly 8 percent on the Frankfurt stock exchange Monday, the day after its co-chief executives announced they were resigning as the banking group faces a wave of scandals and missed profit targets.

Deutsche Bank shares on the DAX 30 index shot up 7.91 percent to 29.80 euros around 0705 GMT, with the overall market essentially flat.

Germany's largest lender is mired in around 6,000 different litigation cases and was last month fined a record $2.5 billion (2.2 billion euros) for its involvement in an interest rate-rigging scandal.

In mid-May, the bank confirmed it had opened an internal probe into its investment division in Russia, with the German press speaking of possible money laundering.

Bloomberg reported the case involved some $6 billion in transactions over four years.

Anshu Jain will resign at the end of June, while Juergen Fitschen plans to stay on in the job until after Deutsche Bank's annual shareholder meeting in May 2016.

The duo had taken the reins of the bank with the promise of ending a string of scandals, improving its image and making the institution more profitable.

But three years later the results are still not where shareholders want them to be and the bank's legal troubles have not gone away.

Fitschen is on trial in Germany on allegations he gave misleading testimony in 2002 and faces prison.
Source: AFP