Deutsche Bank has named Christian Sewing as its new CEO, replacing John Cryan who will step down at the end of this month after less than three years at the helm.
Cryan took over the bank’s leadership in June 2015, following the resignation of previous co-CEOs Anshu Jain and Juergen Fitschen.
Deutsche Bank chairman of the supervisory board said Paul Achleitner said: “Despite his relatively short tenure as CEO, John Cryan has played a critical role in the almost 150 year history of Deutsche Bank – and laid the groundwork for a successful future of the bank.
“The Supervisory Board in general and I personally are grateful for this. However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”
The departure of Cryan comes amid three consecutive years of losses and settlement worth billions of dollars over misconduct charges.
Sewing joined Deutsche Bank in 1989, working at the firm’s Frankfurt, Hamburg, London, Singapore, Tokyo and Toronto offices. He has been a management board member at the bank since January 2015.
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Sewing has served in various roles at the bank such as president and head of group audit, as well as held several management positions in risk at the bank.
He most recently headed the bank’s private and commercial banking unit jointly with Frank Strauss, who will now solely lead the business.
“In his more than 25 years at Deutsche Bank Christian Sewing has proven himself a strong and disciplined leader. The Supervisory Board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era. We trust in the great ability of this bank and its many talents,” Achleitner stated.
In addition to the CEO appointment, the bank also reshuffled its senior management line up. This includes the appointment of management board members Garth Ritchie and Karl von Rohr as new presidents.
Ritchie will now also become the sole head of the bank’s corporate and investment banking division. He formerly led the unit along with Marcus Schenck, who will depart as part of the restructure.