Deutsche Bank yesterday appointed John Cryan as its new CEO after co-chief executives Anshu Jain and Juergen Fitschen resigned following criticism from investors.

The European Union’s new financial services chief will set out his plans for a pan-European capital market by the middle of next year, aiming to reduce companies’ reliance on banks and help revive the bloc’s fragile economy.

German finance minister Wolfgang Schaeuble pushed back against Deutsche Bank co-CEO Juergen Fitschen after he said the minister’s call to keep up vigilance of banks was “irresponsible”.

German politicians yesterday unanimously criticised the Deutsche Bank co-CEO Juergen Fitschen, following reports he had called a senior politician to complain about a raid on the bank’s Frankfurt headquarters last week.