Published: Wed, April 11, 2018
Finance | By Jaime Brady

Deutsche bank sacks British CEO following losses

Deutsche bank sacks British CEO following losses

Marcus Schenck, now Sewing's fellow co-deputy CEO who also helps oversee the investment bank, is close to leaving the bank, said the person familiar with the matter.

The incident which ultimately toppled ex-CEO John Cryan followed a series of global scandals surrounding diverse allegations of fraud which have harmed the bank's reputation and profitability.

Business paper Handelsblatt said last month that Deutsche Bank remains "what it was when Cryan took the helm: a chronic patient".

While these changes did bear temporary benefits and short-term boosts to revenues, the lender could never get on track fully, ultimately forcing a change in leadership.

"This will hit Deutsche Bank's London presence particularly hard, where the bulk of its investment banking activity is based".

Mr. Cryan was selected as co-CEO in July 2015 to update the bank following various administrative issues extending back to before the money related emergency. Without any response from Deutsche Bank, the Briton was essentially hung out to dry amid news of the search for a successor. He vowed to take "tough decisions" to return the bank to profitability. One sticking point was the decision to name Garth Ritchie as head of the investment bank, one person said. Chief Administrative Officer Karl von Rohr.

Achletiner added that Marcus Schnenk, who is now co-deputy chief executive, would also be leaving the firm after this year's AGM, having informed the supervisory board of his decision before Easter.

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Deutsche Bank has had three years of losses, and its net loss widened in the fourth quarter. As a perennial laggard, Deutsche Bank has underperformed many of its industry peers, never fully shaking off multiple scandals and fines during the Cryan era.

"The new leadership team will not accept this anymore".

In a message to employees two weeks ago, Cryan said he wasn't leaving despite rumors of his ouster.

Well, Paul Achleitner is having quite the moment. After peaking out in April 2010, the company's shares tanked to below the crisis lows of 2008.

While Hirt said he found Sewing a "credible, internal candidate", he noted that this is the third chief executive change during Achleitner's six-year tenure.

The news that Deutsche Bank AG (USA) (NYSE:DB) has fired current CEO John Cryan, replacing him with Co-deputy chief executive Christian Sewing, appears to have stemmed the bleeding in DB stock.

'The supervisory board in general and I personally are grateful for this.

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