Christian Sewing to become new CEO of Deutsche Bank Spiegel
German media are reporting that Christian Sewing, now a member of Deutsche Bank's management board, may become the new CEO of Germany's biggest lender replacing John Cryan. The bank, which said it expects to give a decision after the board meeting, is preparing the third leadership appointment in six years amid pressure from investors to improve profitability and reverse a share slump. Sewing, along with Schenck and Chief Financial Officer James von Moltke, had been seen as the leading internal contenders, while the bank and its backers have also reached out to external candidates including Bank of America Corp's Christian Meissner and ex-JPMorgan Chase & Co executive Matt Zames, people familiar with the matter said last week.
The Supervisory Board of Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has appointed Christian Sewing as Chief Executive Officer with immediate effect.
The German magazine said that Chairman Paul Achleitner will nominate Sewing at a hastily called board meeting on Sunday evening.
Deutsche Bank and its backers have been casting a wide net to find a potential replacement for Mr Cryan.
Uncertainty over a possible top management change has weighed on Deutsche Bank's stock and laid bare tensions between Mr Cryan, 57, and Mr Achleitner. Discussions Mr Achleitner held with other candidates earlier this year also didn't lead to an offer for the post, people familiar have said.
It also said investment bank co-head Marcus Schenck was to leave the bank, making global markets chief Garth Ritchie the sole head of the investment bank.
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Sewing, who joined Deutsche Bank in 1989 as an apprentice, was most recently in charge of the unit overseeing commercial and retail banking as well as wealth management.
The leadership debate also parallels concern about the direction of Deutsche's investment bank, whose swift expansion in the years leading up to the financial crisis is blamed for numerous bank's current woes.
Revenue at the investment bank in 2017 was down 25 percent compared with 2015, a steeper fall than those suffered by its competitors.
Cryan, the son of a jazz musician, is married into the wealthy Du Pont family of the United States.
But his tumultuous tenure as CEO highlights numerous bank's underlying issues. But some analysts wonder whether anyone will be able to do a better job on turning the bank around. "I wonder if anyone really has a better way to get there".
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