Deutsche Bank favoring Christian Sewing as new CEO to replace John Cryan

Mae Love

April 9, 2018

A spokeswoman for Deutsche Bank declined to comment.

Christian Sewing, now co-deputy chief executive officer of Deutsche Bank, is to become the new CEO of Germany's biggest lender, replacing John Cryan, Der Spiegel reported on its website on Sunday.

The bank said it will "take a decision" on the future of the chief executive today on a call led by the board's chair, Paul Achleitner, who has previously sounded out candidates at other banks.

Deutsche Bank has been weighing a few options for a new CEO, even approaching Goldman Sachs worldwide chief Richard Gnodde to ask if he would be interested in taking the helm, CNBC reported last month.

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

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"We need a new execution dynamic in the leadership of our bank", Achleitner said in a statement thanking Cryan for his service.

Rumors that Cryan might be replaced after three years of losses have swirled for weeks.

Deutsche Bank has seen three top leadership appointments in six years amid pressure from investors to improve profitability and reverse a share slump. 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.

The elevation of Sewing, now co-head of the private and commercial bank, comes amid questions about the investment bank's performance. He has worked in Frankfurt, London, Singapore, Tokyo and Toronto.