Deutsche Bank Sacks CEO Cryan After Years Of Losses

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It's unclear what direction the board will ultimately take, with large shareholders expressing mixed views on the CEO, people familiar with the matter said.

"The supervisory board is persuaded that he and his group will have the capacity to effectively lead Deutsche Bank into another time". Additionally, one of the top investors in the bank as well as professional recruiters have also reached out to Matt Zames, the ex-executive of JP Morgan Chase & Co., as well as to Christian Meissner from Bank of America Corp.

Deutsche Bank has sacked its British boss, John Cryan, following a boardroom battle over the firm's declining turnaround effort.

Co-deputy chief executive Christian Sewing, 47, will take over as chief executive immediately.

The appointment of Mr. Sewing snaps weeks of rumors, speculation, and questions surrounding Mr. Cryan's future.

In the bank's statement, Achleitner praised Sewing as a "strong and disciplined leader" who has had a more than 25-year career at the organization. "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".

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As part of the boardroom shake-up, Garth Ritchie will become sole head of the corporate and investment bank.

The bank has struggled to recover since the financial crisis that exploded a decade ago. "It looks like the board of directors is capitulating on the investment banking front", he said. "The new leadership team will not accept this anymore", he wrote.

"This will hit Deutsche Bank's London presence particularly hard, where the bulk of its investment banking activity is based". Its shares are down over 27 percent in the a year ago. The German weekly Die Zeit called for it to merge with Commerzbank "in the interests of bank and country".

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

Cryan responded by writing a memo to staff in which he said he remained "absolutely committed" to the bank. "With regard to our revenues we have to regain our hunger for business".

At that time, it was considered to be the most unsafe bank in the world after the International Monetary Fund (IMF) found that a potential collapse of Deutsche posed the biggest risk to the stability of the global financial system. But the bank lost 735 million euros ($903 million) previous year.