Deutsche Bank sacks its boss after it posts three years of losses

  • Deutsche Bank sacks its boss after it posts three years of losses

Deutsche Bank sacks its boss after it posts three years of losses

It says a comprehensive analysis led to the conclusion it needed "a new execution dynamic" in its leadership. Deutsche Bank has a twelve month low of $13.52 and a twelve month high of $20.23.

Deutsche Bank's revenue from trading stocks and bonds, its biggest single source of income, has tumbled 32% since the end of 2015, triggering concern among investors. Deutsche Bank had about 1,800 Jacksonville employees at the time and Cryan said he envisioned it growing to 2,800.

Deutsche Bank's supervisory board also on Sunday appointed direction board associates Garth Ritchie and Karl von Rohr as new presidents.

He said he would analyze how Deutsche Bank wants to position its investment bank in a hard market environment but left open what structural measures he could take.

Sewing, 47, had been deputy CEO, with a background in retail banking, auditing and risk.

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. A spokeswoman for Deutsche Bank declined to comment on Sunday.

Sewing's appointment was a blow to Schenck, a former Goldman Sachs investment banker long considered a future CEO at Deutsche.

Deutsche Bank has suffered losses for three years, and Cryan, who took over the reins in 2015, has been criticised for not being fast with pushing cost-cutting measures, according to The Guardian.

On Cryan, Achleitner added: "Despite his relatively short tenure as CEO, he has played a critical role in the nearly 150-year history of Deutsche Bank - and laid the groundwork for a successful future of the bank".

The bank is conducting a global review of the investment bank, known internally as Project Colombo, a person with direct knowledge of the matter has said. The Supervisory Board in general and I personally are grateful for this.

"It looks like the board of directors is capitulating on the investment banking front", Marenzi said.

"We very much regret Marcus Schenck's decision and thank him for his contribution in a crucial period for our bank", Achleitner said. But his tumultuous tenure as CEO highlights numerous bank's underlying issues. He closed hundreds of bank branches and axed tens of thousands of jobs. He also led Deutsche Bank's internal probe into its role into alleged money laundering at the bank's Russian unit, the so-called mirror trades, which led to the lender shuttering its securities unit in the country.