Deutsche Bank looks to leadership change

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Christian Sewing, most recently president of Deutsche Bank's private and commercial banks, has been appointed as CEO, replacing John Cryan, who had been at the helm since July 2015.

Christian Sewing, retail specialist and deputy CEO, will take over immediately. However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank'. Money quote: "There is no Deutsche Bank without the investment bank".

Sewing, a German national, would replace Cryan, a Briton, at a time when the bank is trying to strengthen its brand in its home market.

The suddenly all-powerful-yet-somehow-still-embattled chairman of Deutsche Bank has dethroned his CEO, installed what appears to be a loyal figurehead and made it clear to everyone (including livid shareholders) that he is the only HBIC at DB. A veteran of the German lender will take over the loss-making company.

"The Supervisory Board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era", Achleitner said.

Deutsche Bank and Banco Santander's USA unit were the main two of 33 banks to fall flat the test to perceive how they would perform in a money-related emergency.

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"It seems rather to be a fundamental "Deutsche Bank problem", he said. "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".

Achletiner added that Marcus Schnenk, who is now co-deputy chief executive, would also be leaving the firm after this year's AGM, having informed the supervisory board of his decision before Easter.

This departure is Deutsche Bank's third change in the leadership position over the last six years.

One of Mr. Sewing's main tasks will be to resolve Deutsche Bank's ambivalence toward its investment banking unit, which has produced huge profits in some years and huge losses in others. 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.

He told staff in a letter published on the bank's website that he would thoroughly analyse how Deutsche wants to position its investment bank in a hard market environment.

Mr Achleitner said that Mr Sewing would be a "strong and disciplined leader".