The Latest: Deutsche Bank calls new CEO a 'strong' leader
Apr. 08, 2018
BERLIN (AP) — The Latest on the new CEO at Deutsche Bank (all times local):
Deutsche Bank says its new chief executive officer "has proven himself a strong and disciplined leader" in his more than 25 years there.
Longtime executive Christian Sewing was appointed chief executive officer on Sunday, succeeding John Cryan, who'll leave the German bank at the end of April.
The bank's supervisory board says it's convinced Sewing and his team will be able to successfully lead it "into a new era."
Cryan took over in 2015 and pushed to cut costs, streamline computer systems and leave less profitable businesses and regions. But the bank lost 735 million euros ($903 million) last year.
The bank's supervisory board thanks Cryan for his relatively brief tenure as CEO. It says a comprehensive analysis led to the conclusion it needed "a new execution dynamic" in its leadership.
Deutsche Bank's supervisory board has appointed Christian Sewing as chief executive officer.
Sewing succeeds John Cryan, who'll leave the German bank at the end of April.
Cryan took over in July 2015 after previous co-CEOs Anshu Jain and Juergen Fitschen stepped down as the bank struggled with uneven profits that were repeatedly eroded by funds set aside for litigation expenses. Rumors Cryan might be replaced after three years of losses had swirled for weeks.
Deutsche Bank's supervisory board also on Sunday appointed management board members Garth Ritchie and Karl von Rohr as new presidents.
German media are reporting that Christian Sewing, currently a member of Deutsche Bank's management board, may become the new CEO of Germany's biggest lender replacing John Cryan.
News magazine Spiegel Online and daily Handelsblatt reported Sewing will be nominated at a board meeting Sunday night.
Deutsche Bank confirmed late Saturday that its "supervisory board will have a discussion on the banks' CEO position." The bank wrote, "it is planned to take a decision in this context on the same day."
Cryan took over in July 2015 after the previous co-CEOs, Anshu Jain and Juergen Fitschen, stepped down as the bank struggled with uneven profits that were repeatedly eroded by funds set aside for litigation expenses.
Rumors that Cryan might be replaced after three years of losses have swirled for weeks.