Cryan is stepping down after less than three years as the head of Germany’s largest bank.
April 8 (UPI) — Deutsche Bank on Sunday named Christian Sewing its new chief executive officer, replacing former CEO John Cryan.
In a statement, Chairman of the Supervisory Board Paul Achleitner said the move was made to obtain « a new execution dynamic in the leadership of our bank. »
Cryan was appointed CEO in 2015. Since then, Deutsche Bank posted losses each year, including $900 in 2017.
« The financial results have so far not been what all of us would want them to be, » Cryan said in a letter to employees last month .
But Cryan did help the bank solve some legal issues, The New York Times reported, including a $7.2 billion settlement with the U. S. government for its role in the 2008 financial crisis, as well as a $600 million settlement for helping Russian investors launder up to $600 million through branches in London, Moscow and New York City.
However, German financial magazine Handelsplatt described Deutsche Bank as a « chronic patient » that Cryan was unable to heal during his short tenure as CEO.
Sewing, the current co-head of private and commercial banking at Deutsche Bank, hasnearly 30 years with the company, starting in 1989 when he was 19-years-old.
« The Supervisory Board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era, » Achleitne said. « We trust in the great ability of this bank and its many talents. »
