Deutsche Bank terminated CEO John Cryan’s two-year reign. A veteran of the German lender will take over the loss-making company.
Frankfurt-based Deutsche Bank named Christian Sewing (pictured below) as its new chief executive, in a statement late on Sunday. The news followed a weekend of widespread leaks about the future of current CEO John Cryan and touted potential successors as well as who else would be likely to leave.
Cryan, a former long-standing UBS corporate financier who was instrumental in the Swiss bank's 2008 Swiss government-backed rescue, will leave Deutsche Bank at the end of this month. He spent two years as Temasek's European head after leaving UBS.
Thanks, But Goodbye
The switch gives Chairman Paul Achleitner a new face to present to shareholders next month at the bank's annual meeting, when Deutsche Bank will post another major net loss to investors.
The bank thanked Cryan, who is British, for laying the groundwork of its turnaround. «However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank,» Achleitner said in the statement.
The bank's turnaround has been clumsier than that of Credit Suisse, where CEO Tidjane Thiam is reaching the end of a gruelling three-year push to shore up capital and restructure the Swiss bank.
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