Deutsche Bank has sacked its CEO John Cryan. He has been replaced by Christian Sewing, who has been Cryan’s deputy. Cryan has been at the helm of the troubled bank since 2015. Sewing has been deputy CEO and head of private banking in the bank. The bank said in a statement its supervisory board has named Christian Sewing to the position of CEO, effective immediately. Cryan will leave the bank at the end of April, the statement added. Cryan’s contract was due to end in 2020. However, the supervisory board, especially chairman Paul Achleitner, has been at loggerheads with him on issues of strategy. Cryan was given sole authority of the bank in 2016 after co-CEO Juergen Fitschen had left the bank. He was tasked with restructuring of the bank and cleaning up its legacy financial crisis and ready it for competing with global investment banking entities.
