Deutsche Bank calls new CEO a 'strong' leader

Deutsche Bank calls new CEO a 'strong' leader

Deutsche Bank calls new CEO a 'strong' leader

The co-head of private and commercial banking at Deutsche Bank was named chief executive of the lender with immediate effect. Along with the CEO change, the panel appointed management board members Garth Ritchie and Karl von Rohr as new presidents of the bank.

News weekly Der Spiegel and business newspaper Handelsblatt said the bank would tap Christian Sewing, 47, now a deputy CEO and head of private banking, to take over in May from Cryan, who has been at the helm since 2015.

The boss of Deutsche Bank, John Cryan, is to step down amid continued losses at Germany's biggest lender.

Sewing had been a member of the German bank's management board since January 2015 and was appointed as president in March 2017.

Alarmed at the German lender's performance Deutsche Bank terminated John Cryan's short and troubled reign.

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

Deutsche Bank's supervisory board has appointed Christian Sewing as chief executive officer.

At that time, it was considered top be the most unsafe bank in the world after the International Monetary Fund (IMF) found that a potential collapse of Deutsche posed the biggest risk to the stability of the global financial system.

Cryan had pushed to cut costs, streamline computer systems and leave less profitable businesses and regions.

Deutsche Bank confirmed late Saturday that its "supervisory board will have a discussion on the banks' CEO position". Still, progress in improving Deutsche Bank's earnings has been slow amid low-interest rates that squeeze lending margins and reduced income from trading stocks and bonds. At the end of 2017Q4, the institutional investor held 750,000 shares of the major banks company, valued at $14.27 million, down from 2.32 million at the end of the previous reported quarter.

"I just wanted to reaffirm that I am absolutely committed to serving our bank and to continuing down the path on which we started some three years ago", Cryan wrote to employees. He has worked in Frankfurt, London, Singapore, Tokyo and Toronto.

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