Deutsche Bank: CEO John Cryan to leave at end of month
(CercleFinance.com) - In a widely expected move, Deutsche Bank said its CEO John Cryan will leave the bank at the end of this month and has appointed Christian Sewing, an in-house executive who started out as an apprentice with the company, as its successor.
Sewing, 48, was most recently responsible for Deutsche Bank's private and commercial bank, including Postbank.
The named CEO - who joined Deutsche Bank as an apprentice at the age of 19 - said the German bank has to regain its "hunger for business," while saying that the target that adjusted costs must not exceed 23 billion euros in 2018 is "non-negotiable".
Since joining in 1989 Sewing has worked for Deutsche Bank in Frankfurt, Hamburg, London, Singapore, Tokyo and Toronto.
John Cryan had been named CEO only three years ago.
Listed in Frankfurt, the share of Deutsche Bank was gaining ground on news of his replacement this Monday, up 2.7% to 11.7 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Sewing, 48, was most recently responsible for Deutsche Bank's private and commercial bank, including Postbank.
The named CEO - who joined Deutsche Bank as an apprentice at the age of 19 - said the German bank has to regain its "hunger for business," while saying that the target that adjusted costs must not exceed 23 billion euros in 2018 is "non-negotiable".
Since joining in 1989 Sewing has worked for Deutsche Bank in Frankfurt, Hamburg, London, Singapore, Tokyo and Toronto.
John Cryan had been named CEO only three years ago.
Listed in Frankfurt, the share of Deutsche Bank was gaining ground on news of his replacement this Monday, up 2.7% to 11.7 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.