Deutsche Bank's supervisory board is set to decide on extending the contract of joint chief executive Jürgen Fitschen through to 31 March 2017.

Deutsche Bank said in a statement that the proposal would be put to the supervisory board at its upcoming ordinary meeting on 29 October.

Fitschen’s existing contract expires after the annual general meeting in May 2015.

Fitschen took over the reins of Deutsche Bank along with Anshu Jain in May 2012, following the departure Joe Ackermann after more than a decade in the role.

Paul Achleitner, chairman of the supervisory board of Deutsche Bank, said Fitschen and Jain had both requested the renewal and that the company was "is in good hands with them.”