Deutsche Bank has ousted British chief executive John Cryan after years of losses at the lender.
Mr Cryan has been replaced by Christian Sewing, who has worked at Deutsche for 25 years and most recently led the group’s private & commercial bank.
Reports emerged last month that Deutsche was looking for a successor for Mr Cryan, who joined the bank in 2015.
Since taking up the role, he has presided over three consecutive years of losses, with last year marked by a series of sharp drops in the company’s share price as it reported falling revenues and plans to restructure. Earlier this year, Deutsche warned jobs in London were at risk as part of plans to axe 500 roles worldwide. The bank's share price is down 30 per cent over the last year, although the stock rose 4.5 per cent at the open on Monday.
Paul Achleitner, chairman of the lender’s supervisory board, said: “Despite his relatively short tenure as CEO, John Cryan has played a critical role in the almost 150 year history of Deutsche Bank - and laid the groundwork for a successful future of the bank. The supervisory board in general and I personally are grateful for this.
“However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”
In a letter to staff, Mr Sewing also thanked Mr Cryan and said the bank would consider further restructuring as it seeks to make improvements.
“The challenge ahead is a big one for all of us. We all know and sense how fast our industry is changing. The time pressure is on and the expectations are high from all sides – our clients, our investors, the regulators, politicians and the media,” he said.
“We have to make decisions faster and more clearly, we have to collaborate better, and we have to put team spirit at the heart of what we do. To unlock our bank’s greatest potential we must all think more about how to support our colleagues. This is what will make Deutsche Bank more successful.”
