Deutsche Bank’s CEO John Cryan replaced by Christian Sewing

Deutsche Bank's CEO John Cryan replaced by Christian Sewing
The Associated Press

BERLIN (AP) — Deutsche Bank’s supervisory board on Sunday appointed Christian Sewing as chief executive officer.

Sewing, who had been a member of the German bank’s management board since January 2015 and was appointed as president in March 2017, succeeds John Cryan, who’ll leave at the end of April.

Deutsche Bank had confirmed late Saturday that its supervisory board would have a discussion on the CEO position. The supervisory board also on Sunday appointed management board members Garth Ritchie and Karl von Rohr as new presidents.

Cryan took over in July 2015 after the previous co-CEOs, Anshu Jain and Juergen Fitschen, stepped down as the bank struggled with uneven profits that were repeatedly eroded by funds set aside for litigation expenses.

Cryan pushed to cut costs, streamline computer systems and leave less profitable businesses and regions. 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.

Deutsche Bank lost 735 million euros ($903 million) last year and declared a small dividend of 11 euro cents per share.

Rumors that Cryan might be replaced after three years of losses had swirled for weeks. Before becoming CEO of Germany’s biggest bank, the Briton served as president for Europe at the Singaporean investment company Temasek and as chief financial officer of Swiss bank UBS.

Sewing heads Deutsche Bank’s private and commercial bank division. He joined the bank in 1989 and has worked in Frankfurt, London, Singapore, Tokyo and Toronto.