Deutsche Bank Surprise CEO Pick Brings Turnaround Record

Deutsche Bank AG is turning to a British takeover specialist who helped reshape two of the world’s biggest banks as it seeks to end years of missed targets and underperformance.

John Cryan, a supervisory board member since 2013 who hasn’t run any of the firm’s operations, was named the next chief executive officer of Europe’s largest bank by assets in a surprise announcement Sunday. He’ll replace Deutsche Bank co-CEO Anshu Jain at the end of the month and become sole CEO when Juergen Fitschen steps down next May. The shares surged as much as 8.2 percent, the most in two years.