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Deutsche Bank CEO Cryan out, Sewing in

12 April 2018

"We'll thoroughly analyse how we want to position this (investment banking) pillar of our bank in a hard market environment", Sewing said in the letter, which Deutsche Bank published on its website on Monday.

After taking over in 2015, British-born Mr Cryan, 57, has battled the fallout from a series of scandals as well as three years of reported losses.

An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/deutsche-bank-likely-to-name-retail-banking-chief-christian-sewing-as-new-ceo-1523177450?mod=mktw).

Sewing, who has spent his entire career at Deutsche Bank, is now Yorkshireman Cryan's co-deputy, along with fellow German Marcus Schenck.

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The appointment of Christian Sewing as Deutsche Bank's chief executive officer to replace an embattled John Cryan after less than three years - and three turnaround plans - answered just one of the questions hanging over the struggling institution. He has worked at the bank since 1989. "We trust in the great ability of this bank and its many talents".

Cryan's remit at DB was to restructure and change its pre-2008-financial-crisis image, which saw the German financial powerhouse competing with global investment banking giants.

Additionally, the group's Garth Ritchie was also promoted as the sole head of Deutsche Bank's securities unit and will now become a deputy CEO.

The bank's supervisory board says it's convinced Sewing and his team will be able to successfully lead it "into a new era".

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In addition, the International Monetary Fund named it the most risky bank in the world two years ago due to the threat it posed to global financial stability.

Sewing's focus, in essence, will be ensuring that Deutsche Bank avoids having that fourth quarter of 2017 again.

Mr. Cryan's agreement was because of keep running until 2020. He replaces Briton John Cryan who failed to meet cost targets, and his elevation could signal a retreat from decades of investment banking expansion.

While Hirt said he found Sewing a "credible, internal candidate", he noted that this is the third chief executive change during Achleitner's six-year tenure. He informed DB's supervisory board before Easter that he was on his bike. This could include downsizing, or in Sewing's words, "pulling back from those areas where we are not sufficiently profitable". Accern also assigned news stories about the bank an impact score of 45.450029541029 out of 100, indicating that recent press coverage is somewhat unlikely to have an effect on the company's share price in the next several days.

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Deutsche Bank CEO Cryan out, Sewing in