On Wednesday, Deutsche Bank announced that it would be extending the employment contract of its co-chief executive officer Jürgen Fitschen. The move was seen by industry observers as a way to silence questions on the leadership of the German bank, which is currently under scrutiny in recent financial scandals. Deutsche has been weathering a storm of allegations, one of which is tax evasion that arose from trading European carbon emission credits. It has also been investigated in line with bank rate-rigging.

Chairman of Deutsche Bank's supervisory board Paul Achleitner said in a statement, "Jürgen Fitschen and Anshu Jain together requested the renewal."

Achleitner is Deutsche's other CEO. Both Fitschen Jain were appointed shortly after Josef Ackermann stepped down as the bank's chief executive. Prior to the appointments, Fitschen headed the bank's German unit while Jain managed the bank's division in investment banking.

After the voting for Fitschen's tenure to be held in a shareholders' meeting in October, Fitschen would be matching Jain's employment contract to end March 31, 2017.