Economy

Deutsche Bank Replaces CEO

Deutsche Bank Replaces CEO

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. Along with the CEO change, the panel appointed management board members Garth Ritchie and Karl von Rohr as new presidents of the bank.

He has been on the management board of the bank since January 2015.

Deutsche Bank, which declined to comment on the Spiegel report, called the surprise meeting "to discuss the chairmanship and to take a decision the same day", it said in a statement Saturday. It says a comprehensive analysis led to the conclusion it needed "a new execution dynamic" in its leadership. "The supervisory board in general and I personally are grateful for this".

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.

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Along with Sewing's promotion, the bank's other co-vice president, Markus Schenck, who heads corporate and investment banking, is likely to leave the company soon.

However, German financial magazine Handelsplatt described Deutsche Bank as a "chronic patient" that Cryan was unable to heal during his short tenure as CEO. 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. Rumors Cryan might be replaced after three years of losses had swirled for weeks.

Investors have punished Deutsche Bank with shares down over 27 percent in the a year ago. Before becoming CEO of Germany's biggest bank, the British financial executive served as president for Europe at the Singaporean investment company Temasek, and as the 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.

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