Deutsche Bank CEO Cryan out, Sewing in

  • Deutsche Bank CEO Cryan out, Sewing in

Deutsche Bank CEO Cryan out, Sewing in

The supervisory board also on Sunday appointed management board members Garth Ritchie and Karl von Rohr as new presidents.

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

Rumours have swirled for days now that current chief executive John Cryan is set to be ousted, amid growing discontent with the bank's ongoing losses.

This photo taken in 2017 shows Christian Sewing, former private client and board member of Deutsche Bank. and now deputy CEO and head of private banking, as he attended the bank's annual press conference.

"The Supervisory Board in general and I personally are grateful for this", he said.

At that time, it was considered top be the most risky bank in the world after the International Monetary Fund (IMF) found that a potential collapse of Deutsche posed the biggest risk to the stability of the global financial system.

Following weeks of speculation, the move is to come late Sunday during a supervisory board meeting at the bank's Frankfurt headquarters.

Cryan pushed to cut costs, streamline computer systems and leave less profitable businesses and regions.

Given sole command of the lender in 2016 after the departure of co-CEO Juergen Fitschen, Cryan's task was to restructure Deutsche and clean up the toxic legacy of its pre-financial crisis bid to compete with global investment banking giants. On during the last trading session the stock decreased $0.45 or 3.14%, reaching $13.87.Currently Deutsche Bank Aktiengesellschaft is downtrending after 18.76% change in last April 8, 2017.

According to Reuters, he began a search to replace Mr Cryan after the bank reported an annual loss of €500m (£436m) at the end of February. Before becoming CEO of Germany's biggest bank, the Briton served as president for Europe at the Singaporean investment company Temasek and as chief financial officer of Swiss bank UBS.

Sewing, the current co-head of private and commercial banking at Deutsche Bank, hasnearly 30 years with the company, starting in 1989 when he was 19-years-old.