Deutsche bank sacks British CEO following losses

Deutsche Bank searching for replacement CEO

Deutsche Bank Likely to Name Retail-Banking Chief Christian Sewing as New CEO

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. This role was previously shared with Marcus Schenck, who is leaving the bank on 24 May. The bank reported a loss of €735 million, or about $900 million, for 2017, its third consecutive annual loss.

Chairman Paul Arcleitner said a change of leadership was needed after "comprehensive analysis" was undertaken. While the board last week proposed bringing in finance-industry veterans - including former Merrill Lynch chief John Thain and Mayree Clark, a onetime Morgan Stanley executive - some investors said that Achleitner shared the blame for the bank's troubles. Deutsche Bank has little prospect for growth without investment banking and global expansion.

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Like a pro sports team that fires the coach when it's underperforming because you can't fire the whole team, Deutsche Bank is using one of the only levers it has at its disposal.

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While neither mentioned the particular, the comments come just a week after J.P. Morgan analysts said Deutsche needs to scale back its US operations, which consume too many resources while providing "persistently low profitability".

However, Cryan's job had been under scrutiny for years, after the loss of thousands of jobs failed to kindle Deutsche Bank's growth. Mr Achleitner has remained silent as speculation of a management change at the bank has mounted.

Heading into today's trading, Deutsche Bank stock had given back 27% in 2018, and hit an an annual low of $13.52 on April 3.

Deutsche Bank has tapped Christian Sewing as its newest Chief Executive Officer (CEO).

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In a letter sent to the bank's employees Monday morning, Sewing said: "We'll thoroughly analyze how we want to position this (investment banking) pillar of our bank in a hard market environment".

Mr Achleitner described the new chief executive as a "strong and disciplined leader".

'The priority is to leverage our strengths and to allocate our investments accordingly, ' the letter read.

"It appears to be somewhat to be a crucial "Deutsche Bank issue".

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Achleitner "hand-picked John Cryan in mid-2015", said Hans-Christoph Hirt, head of Hermes EOS, which advises on more than $336 billion in assets under management worldwide.

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