Deutsche Bank Names Sewing CEO, Replacing Cryan in Broad Revamp
- Ritchie to become sole head of investment bank; Schenck leaves
- ‘We need a new execution dynamic,’ says Chairman Achleitner
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Deutsche Bank AG named Christian Sewing chief executive officer, ending John Cryan’s reign after less than three years as questions mount about the future direction of Europe’s largest investment bank.
Sewing, a lifelong Deutsche Bank employee, will take over immediately, the lender said in a statement from Frankfurt late Sunday. As part of the reorganization, Garth Ritchie was promoted to sole head of the securities unit and will become a deputy CEO, along with Chief Administrative Officer Karl von Rohr. Cryan and Marcus Schenck, who was co-deputy CEO with Sewing, are leaving.