Deutsche Bank ousts CEO Cryan - and his replacement sees 'tough decisions' ahead

Christian Sewing to become new CEO of Deutsche Bank Spiegel

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. From a tipster inside the bank we have some fun color on how newly-minted CEO Christian Sewing is doing on Day One.

Sewing said it stood to reason that the bank had to return to profitability as soon as possible, everything else, he added, was not negotiable. Since joining the firm that year, he has worked in its offices in Frankfurt, Hamburg, London, Singapore, Tokyo, and Toronto, according to Deutsche Banks' announcement.

Deutsche Bank's private and commercial bank division will be lead by Frank Strauß, who previously co-headed the group with Sewing.

"The bank will now be steered more strongly from Germany, but the supervisory board also needs members with long experience in global finance", Achleitner said. All three of the brokerages following the bank's US -listed shares maintain a "hold" or worse rating. His promotion comes as the bank and its key shareholders debate the path forward for its investment banking unit, where revenues have slowed and key staff defected. Ritchie and Karl von Rohr, an executive board member, were appointed deputy CEOs.

But Cryan disputes the "widespread rumors" of his ouster.

While the bank said that the loss was a one-off caused by US President Donald Trump's corporate tax reform, investors have shunned Deutsche since the start of the year, with its stock dropping about 30 percent in value since January 1. 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", he wrote.

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In addition, the International Monetary Fund named it the most risky bank in the world two years ago due to the threat it posed to global financial stability.

These whispers appear to have been valid, with Deutsche Bank approaching numerous candidates.

Achleitner will also need to address what this latest u-turn means for the bank's strategy, specifically the role of its investment bank.

"Our start to the year was solid but "solid" can not be our ambition", Sewing said in a memo to staff, his first comments since his promotion. The Supervisory Board in general and I personally are grateful for this.

In a statement, Chairman of the Supervisory Board Paul Achleitner said the move was made to obtain "a new execution dynamic in the leadership of our bank".

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