FRANKFURT (Reuters) – Christian Sewing, currently co-deputy chief executive officer of Deutsche Bank (DBKGn.DE), is to become the new CEO of Germany’s biggest lender, replacing John Cryan, two people familiar with the matter told Reuters on Sunday.
Sewing, a German national, would replace Cryan, a Briton, at a time when the bank is trying to strengthen its brand in its home market. Cryan has been in office less than three years but investors have lost faith that he can return the bank to profitability after three consecutive years of losses.
The promotion of Sewing, 47, with a background in retail banking, auditing and risk, comes as Deutsche Bank and its major shareholders debate the path forward for the investment banking unit where revenues have slowed and key staff defected.
His appointment could signal a shift in emphasis away from Deutsche Bank’s strategy of seeking profit growth through the investment bank and giving investment bankers greater influence.
Marcus Schenck, currently Sewing’s fellow co-deputy CEO who also helps oversee the investment bank, is close to leaving the bank, the people familiar with the matter said.
Courtesy: Reuters
