Deutsche Bank, which has reported third-quarter results, has decided to renew co-chief executive Jürgen Fitschen’s contract, which now runs to 31 March 2017, the bank said yesterday.

The bank’s supervisory board agreed the request after it had been proposed at the chairman’s committee on 11 September this year, Deutsche Bank said in a statement.

The contracts of Fitschen and Anshu Jain, co-CEOs of Deutsche Bank, will now both continue through to March 31 2017. Both men had asked for the contract renewal.

“Since becoming co-CEOs, Jürgen and Anshu have made numerous important decisions that are positioning Deutsche Bank in the right direction. The Supervisory Board has therefore decided to support their request. We know our company is in good hands with them,” Paul Achleitner, chairman of the supervisory board of Deutsche Bank, said in a statement.