Deutsche Bank Chairman Achleitner Says Cryan Was Too Slow to Execute

Anna Jefferson
April 11, 2018

Achletiner described Sewing's appointment as the beginning of a "new era" for Germany's biggest bank.

Share prices in the bank have dropped by a third in the a year ago and Cryan's position came under immediate review at the end of February after it reported annual losses of €500mn.

Sewing, a German national, was officially announced Sunday as Deutsche Bank's new chief executive officer with immediate effect .

On Sunday evening, the 20 members of the supervisory board held a conference call, issuing a statement well after 11 p.m. Sewing, 47, would assume the helm at the company's annual general meeting in May, the report said.

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And that's not even the quote being laughed at hardest inside Deutsche Bank this morning.

In picking up the baton, Sewing would also face challenges including further cost cutting, intense competition at home and overseas, and increased regulation.

Sewing, who has been with Deutsche Bank for more than 25 years, was most recently responsible for its private and commercial bank operations. Since joining the firm that year, he has worked in its offices in Frankfurt, Hamburg, London, Singapore, Tokyo, and Toronto, according to Deutsche Banks' announcement.

Cryan took over in July 2015 after 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.

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Schenck had signaled he was looking for opportunities outside the bank.

Additionally, the group's Garth Ritchie was also promoted as the sole head of Deutsche Bank's securities unit and will now become a deputy CEO. The greenback has slumped amid US political turmoil and on speculation that global central banks will follow the Federal Reserve in withdrawing monetary stimulus. Sunday's board call is meant to provide that clarity.

"Our start to the year was solid but "solid" can not be our ambition", Sewing said in a memo to staff, his first comments since his promotion. Last year, Deutsche Bank agreed to pay more than $600 million to authorities in NY and Britain to settle charges that it had helped Russian investors launder as much as $10 billion through branches in Moscow, London and NY. The division employed more than 41,000 staff at the end of 2017, up 4 per cent from 2015, but key staff have left. Morgan Stanley, meanwhile, said it ended the uncertainty on its leadership but added that there remained "ambivalence" on the shape and direction of its investment bank.

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