Crisis-hit Deutsche Bank to push out British CEO

Crisis-hit Deutsche Bank to push out British CEO

Deutsche Bank, which has been battling heavy financial losses, announced on Sunday that its chief executive officer will leave within weeks and is being replaced by a longtime executive known for his leadership skills.

Deutsche Bank has been weighing a few options for a new CEO, even approaching Goldman Sachs global chief Richard Gnodde to ask if he would be interested in taking the helm, CNBC reported last month.

Late Saturday, Deutsche Bank confirmed that the Sunday meeting would take place.?After a supervisory board meeting, that board's president, Paul Achleitner, would notify the overall board by phone about any decisions taken. "We trust in the great ability of this bank and its many talents". He has been on the management board of the bank since January 2015. Garth Ritchie was promoted to sole head of the securities unit and will become president, along with Chief Administrative Officer Karl von Rohr. Sewing, 47, would assume the helm at the company's annual general meeting in May, the report said.

Deutsche Bank has seen three top leadership appointments in six years amid pressure from investors to improve profitability and reverse a share slump.

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Rumours have swirled for days now that current chief executive John Cryan is set to be ousted, amid growing discontent with the bank's ongoing losses.

The elevation of Sewing, now co-head of the private and commercial bank, comes amid questions about the investment bank's performance.

Sewing joined Deutsche Bank in 1989 and has worked in Frankfurt, London, Singapore, Tokyo and Toronto, according to the bank's website.

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