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TEHRAN, April 09 - Deutsche Bank (DBKGn.DE) named retail specialist Christian Sewing as its new chief executive officer with immediate effect on Sunday, signaling a possible retreat from almost three decades of empowering investment bankers at Germany’s largest lender.
TEHRAN, Young Journalists Club (YJC) -Deutsche Bank (DBKGn.DE) named retail specialist Christian Sewing as its new chief executive officer with immediate effect on Sunday, signaling a possible retreat from almost three decades of empowering investment bankers at Germany’s largest lender.
Sewing, a German national, will replace John Cryan, a Briton, as the bank seeks to strengthen its brand in its home market. Cryan had been in charge since 2015 and his mandate would have expired in 2020, but investors had lost faith that he could return the bank to profitability after three consecutive years of losses.
“Following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank,” Chairman Paul Achleitner said in a statement.
Sewing, 47, had been deputy CEO, with a background in retail banking, auditing and risk. His promotion comes as the bank and its major shareholders debate the path forward for Deutsche’s investment banking unit, where revenues have slowed and key staff defected.
Source: Reuters
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