Crisis-hit Deutsche Bank pushes out British CEO
Following weeks of speculation, the bank announced that German Christian Sewing, 47, would succeed Cryan who has been at the helm since 2015 with Sewing as deputy CEO and head of private banking.
“The supervisory board of Deutsche Bank has named Christian Sewing to the position of CEO, effective immediately, to succeed John Cryan who will leave the bank at the end of the month,” the Frankfurt-based bank said in a statement, as quoted by AFP.
Although Cryan’s contract was due to run until 2020, press reports in recent days suggested a rift over strategy with supervisory board chairman Paul Achleitner, who called the April 8 meeting.
The choice of Sewing over investment banking chief Marcus Schenck, who had been discussed as a possible successor to Cryan, points to a strategic shift toward retail banking in its home market Germany.