One of the dominating entities in the global banking sector, Deutsche Bank, is presently going through a shuffling process in its upper management. It has decided to replace the present CEO John Cryan with a new one, which is yet to be confirmed. Current co-deputy chief executive officer of Deutsche Bank, Christian Sewing, is among the top names for the position.
The move comes in at a high time when the bank is aggressively in efforts to fortify its brand in the market. The total period served by Mr. Cryan is been less than 3 Years, in which there has been a lack of trust among the investors rising the question—can he effectively bring back the profit figures on the charts after the sequential losses for three years?
The promotion move of Mr. Sewing with expertise in commercial banking, risk, and auditing comes in action as major shareholders and Deutsche Bank itself have a dispute on the further route of the investment banking unit, where there are low revenues.
Appointment of Sewing as CEO would depict effective shift in Deutsche Bank’s strategy of finding investment bank-based profit growth and offering the investor bankers a superior influence.
The bank on the selection stated that the board would confer about the position of CEO and later come to a conclusion. Some of the experts are also in awe if any other person can take the charge and turn the table in terms of current performance of the bank.
Deutsche Bank’s profit figures in the previous year fell by 25% in contrast to 2015. The fall was extortionate than the drop witnessed by its rivals. The organization has employed over 41,000 staff by 2017 end, which was 4% more than 2015; however, the majority of the staff has left.
Earlier, Mr. Cryan had declared about 1,000 of job cuts with an objective to reduce the cost, but this move helped to reverse the plan of Postbank retail unit sell-off post less interest shown by the buyers.