Deutsche Bank replaces CEO Cryan

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Yet, I question another CEO could effectively make that progress.

"It seems rather to be a fundamental 'Deutsche Bank problem'".

The 57-year old Cryan was hired in 2015 and entrusted to turn the German behemoth around, amidst extreme structural problems: litigation in the U.S. for Deutsche's role in the subprime mortgage meltdown, the collapse of its credit profile, the global call for deleveraging, and the demand for ringfencing retail banking.

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

"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.

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

Sewing noted in his message that Deutsche Bank that he plans to work on growth in the company's business divisions and infrastructure functions. Deutsche Bank had about 1,800 Jacksonville employees at the time and Cryan said he envisioned it growing to 2,800.

However, the supervisory board met at the weekend and decided his fate.

The tumult underscored the frustration of stakeholders over the Cryan's sputtering revival efforts. However, analysts also criticized the board chairman's handling of the personnel dispute and demanded his own resignation in order to pave the way to fresh start at the bank. They're still down 26 percent so far in 2018.

Deutsche's revenue tumble has coincided with a global slump in investment banking.

A capital raise and other measures under Cryan's leadership proved ineffective, which ultimately drew the ire of shareholders looking for a new change of direction. The German lender has finally opted for new leadership during one of the most challenges stretches, notably after its third consecutive annualized loss in 2017.

Mr. Cryan's agreement was because of keep running until 2020. Since then, Deutsche Bank posted losses each year, including about $900 million in 2017. The German weekly Die Zeit called for it to merge with Commerzbank "in the interests of bank and country".

In a letter to staff published on the Deutsche website, Sewing said he would focus on the positioning of its investment bank in the hard market conditions.

Mr Sewing burnished his standing within the bank in recent years by managing the downsizing of its domestic operations, and by curtailing the excesses of its investment bankers. "Each division and each of us has to internalise this". Meanwhile, income from sales and trading fell to the lowest level since the financial crisis despite repeated promises by Cryan. The bank past year announced the merger of its two domestic retail units, abandoning previous plans to sell one of them, Postbank. Sewing said it would not be tolerated if adjusted costs would exceed €23 billion ($28 billion) this year. "He has also overseen a number of strategic U-turns, not least regarding the bank's retail business and asset management".

"What's missing is the guiding hand behind this", said Burghof.

Sewing, 47, had been deputy CEO, with a background in retail banking, auditing and risk. "He should carry the responsibility for that and leave", though that probably won't happen, he said by email.