Frankfurt — Deutsche Bank has begun searching for a new CE, two people familiar with the matter said on Tuesday, as investors grow frustrated with the slow turnaround of the loss-making German lender. Paul Achleitner, chairman of the board, has initiated a search to replace John Cryan, the British CEO who has been in office less than three years, the people said on condition of anonymity. A senior executive at Deutsche separately cautioned that there was little Germany’s largest bank could do to quickly improve sentiment. "We cannot cut costs short term without sacrificing revenue going forward," the banker said on condition of anonymity. "What we are working on is changing long-term processes. That’s a real way to cut costs, but this takes time." The CEO search, which is in the early stages, and the call for patience come after a flurry of negative headlines for the bank after it reported a third consecutive annual loss. The bank said its loss in 2017 was larger than initially repo...
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