INTERNATIONAL BANKING
Christian Sewing tipped to be Deutsche bank boss
Frankfurt — Christian Sewing, co-deputy CEO of Deutsche Bank, is set to become the new CEO of Germany’s biggest lender, replacing John Cryan, a person familiar with the matter told Reuters on Sunday. Sewing, a German national, would replace Cryan, a Briton, at a time when the bank is trying to strengthen its brand in its home market. Cryan has been in office less than three years but investors have lost faith that he can return the bank to profitability after three consecutive years of losses. The promotion of Sewing, 47, with a background in commercial banking, auditing and risk, comes as Deutsche Bank and its major shareholders debate the path forward for the investment banking unit where revenues have dried up and key staff have defected. His appointment could signal a shift away from the bank’s strategy of seeking profit growth through investment banking and giving investment bankers greater influence. Preferred option Marcus Schenck, Sewing’s fellow co-deputy CEO who also helps...
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