Deutsche Bank sacks British boss after years of losses

Virginia Carson
April 11, 2018

"I doubt a new CEO could successfully make that transition". All three of the brokerages following the bank's US -listed shares maintain a "hold" or worse rating.

His contract was due to end in 2020.

The outgoing CEO was only in his post for three years.

Frankfurt-based Deutsche Bank named Christian Sewing (pictured below) as its new chief executive, in a statement late on Sunday.

"Sewing may not necessarily have been the top candidate, but he was there and stood ready", said banking and finance professor Hans-Peter Burghof at the University of Hohenheim in Stuttgart.

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Several analysts highlighted continued uncertainty at Deutsche Bank following its management change, despite shares of the German lender seeing an initial jump Monday morning.

Mr. Sewing steps into the new CEO role with immediate effect, having been a member of Deutsche Bank's management board since 2015.

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. "The job of the supervisory board is to monitor whether the strategy is being implemented, to advise and, if necessary, to draw consequences for personnel".

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 tumult underscored the frustration of stakeholders over the Cryan's sputtering revival efforts. Martin argues that DB stock does provide some value at $14.

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InvestorPlace's Vince Martin recently called Deutsche Bank one of The 10 Worst Stocks to Buy for Q2. They're still down 26 percent so far in 2018.

"The new leadership team will not accept this anymore". He has worked most of his life at Deutsche - except for a two-year stint at a smaller lender - and commutes back to his wife and four children in Osnabrueck on weekends, more than 320km away from the German financial capital.

The debate also parallels concern about the direction of Deutsche's investment bank, whose swift expansion in the years leading up to the financial crisis is blamed for numerous bank's current woes.

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

Mr Achleitner said that Mr Sewing would be a "strong and disciplined leader". "With regard to our revenues we have to regain our hunger for business". "Each division and each of us has to internalise this". "And at the same time we will look to free up capacity for growth by pulling back from those areas where we are not sufficiently profitable", he said, without providing details. Meanwhile, income from sales and trading fell to the lowest level since the financial crisis despite repeated promises by Cryan. "It seems rather to be a fundamental "Deutsche Bank problem". Schenck announced plans to leave Deutsche Bank after Easter during the appointment process, according to the firm.

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