Deutsche Bank's main problem, according to Abouhossein and Ranjan, is that there has been "little evidence of commitment to changing the organisation in the interests of the owners: shareholders and creditors". Dresdner Bank CEO Bernhard Walter resigns and says a "historic opportunity" has been missed. Paul Achleitner, Chairman of the Supervisory Board, commented on the new appointment: "In his more than 25 years at Deutsche BankChristian Sewing has proven himself a strong and disciplined leader". He has been a member of the management board since 2015.
"The supervisory board is persuaded that he and his group will have the capacity to effectively lead Deutsche Bank into another time". Investment-banking revenue past year was a quarter lower than in 2015. Late night on Sunday, they picked Sewing, a Deutsche Bank veteran who served as co-deputy CEO with the now-departed Marcus Schenck since one of Cryan's strategy reboots in March 2017.
Wanted: A CEO who can turn around a decade-long slumping German bank.
- Deutsche Bank tries to sell retail business Deutsche Bank 24 to concentrate on corporate and investment banking.
However, he met his match with the German lender. The division's return on tangible equity was a paltry 1.4 percent - far behind the Wall Street firms that Deutsche considers its peers.
- Deutsche Bank unveils its "phase 3" management agenda, aims to reach pretax profit of 8.4 billion euros ($10.3 billion) by 2008. The bank had to pay US$7.2 billion (S$9.5 billion) past year to settle a US Justice Department probe into its mis-selling of mortgage-backed securities before the financial crisis, and it has also incurred heavy fines for manipulating benchmark interest rates and for its lax anti-money laundering controls in Russian Federation.
Some of the names being bandied about are ex-JPMorgan exec Matt Zames, Richard Gnodde, who heads up Goldman Sachs' worldwide operations, and Bank of America's Christian Meissner, who has global banking expertise.
Deutsche Bank earlier said it was calling the surprise supervisory board meeting "to discuss the chairmanship and to take a decision the same day".
'The priority is to leverage our strengths and to allocate our investments accordingly, ' the letter read. Despite raising capital and cutting costs, the former UBS executive failed to revive Deutsche's fortunes.
Cryan was appointed CEO in 2015. Mr. Cryan initially shared the top job with Jürgen Fitschen and became the sole chief executive in 2016.
Wyoming near top of Nation's Report Card
One other notable change was that the gap between white and black students on the eighth-grade math exam narrowed. In eighth-grade reading, Rhode Island is 2 percentage points behind ME and 12 points behind MA , the leader.
United States stocks retreat on China trade spat, jobs data
The tariffs will raise prices to Chinese buyers and cut their purchases, which could cost American soybean growers $1.7 billion. It sent $375 billion in goods to the USA last year, while the United States sent only $130 billion worth of products to China.
Trump would regret abandoning nuclear deal, warns Iran
Many people are using social media to express their fury over what they are calling Rouhani's campaign of "deceit and lies". In that sense, its decision to invest in the face of political risk was unique, and was not replicated by other companies.
Group says gender pay gap widens in Indiana
It reflects how far women on average need to work into the New Year to earn what men earned by December 31 of the previous year. For women of color, that percentage is even higher. "We're in a very unique moment in the ethos of this nation", she said.
Kinder Morgan stops work on controversial Canada pipeline
Prime Minister Justin Trudeau, when asked by reporters on Monday in Montreal, reiterated that the pipeline would be built. Inability to boost pipeline capacity is one reason global investors have shied away from Canadian stocks, he said .