John Cryan will leave his post at the end of this month.
Deutsche Bank has appointed a new chief executive and is hinting at changing the way its investment banking business works, according to an April 8 announcement from the firm.
Deutsche Bank on Sunday named Christian Sewing its new chief executive officer, replacing former CEO John Cryan.
The supervisory board wasn't unanimous in adopting some of the measures proposed by Achleitner, according to people with knowledge of the meeting. Garth Ritchie, who shared leadership of the investment bank with Mr. Schenck, will assume sole responsibility.
Christian Sewing, member of the board of Germany's Deutsche Bank, in Frankfurt on February 2, 2018.
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.
Sewing, the current co-head of private and commercial banking at Deutsche Bank, has almost 30 years with the company, starting in 1989 when he was 19-years-old.
"The new leadership team will not accept this anymore", Sewing said in the letter, which Deutsche Bank published on its website on Monday.
Around then, it was thought to be the most unsafe bank on the planet after the International Monetary Fund (IMF) found that a potential fall of Deutsche represented the greatest hazard to the dependability of the worldwide budgetary framework.
Deutsche Bank has had three years of losses, and its net loss widened in the fourth quarter.
Credit Suisse made a decision to cut its target price for the stock after the management change on Sunday.
Despite the chief executive switch-up and proposed changes to the structure/focus of the business, JP Morgan analysts, Kian Abouhossein and Amit Ranjan, argue that the bank is still missing "a clearly defined strategy" which is what matters most for its future. No decision is final, they said.
"Without a clear strategy commitment by all parties, turning Deutsche Bank around will be hard", according to JPMorgan Chase analysts led by Kian Abouhossein. Sewing also said that the bank's operating costs in 2018 must not exceed €2.3 billion, something that for him is "non-negotiable".
"This would mean a shrinkage of most of [the] U.S. [business] to USA equities, United States lending and rates business with some reduction in credit business", leading to a "smaller global CIB footprint and a drive to change the culture which is shareholder driven".
Mr Sewing burnished his standing within the bank in recent years by managing the downsizing of its domestic operations, and by curtailing the excesses of its investment bankers.
The 57-year old Cryan was hired in 2015 and entrusted to turn the German behemoth around, amidst extreme structural problems: litigation in the USA for Deutsche's role in the subprime mortgage meltdown, the collapse of its credit profile, the global call for deleveraging, and the demand for ringfencing retail banking.
Achleitner also thanked Cryan for his efforts.
The "unusually high turnover" on Deutsche's supervisory board is another issue that warrants addressing.
There's the fate of Chairman Paul Achleitner and whether a divided board can close ranks behind the new CEO.
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