...a switch that signals a less ambitious future after years of grim financial results and sputtering attempts to regain a spot among global investment-banking powerhouses. - WSJ
Putting an end to the conflict between DB chairman Paul Achleitner and ousted chief John Cryan, Deutsche Bank's supervisory board has appointed retail-bank chief Christian Sewing as the new CEO:
Mr Sewing, 47, who has been with Deutsche Bank since he was a teenager, has previously held posts including head of group audit, deputy chief risk officer and chief credit officer. “In his more than 25 years at Deutsche Bank Christian Sewing has proven himself a strong and disciplined leader,” Mr Achleitner said in the lender’s statement.
The bank's investors seem to be happy with the decision as it puts an end to internal problems regarding leadership and a lack of direction for the bank. Some note, however, that the new chief "signals a less ambitious future" given his non traditional background. Unlike Sewing, Cryan has a background in investment banking at UBS.
What do you think the future holds for Deutsche Bank?
Does bringing on Christian Sewing indicate "a less ambitious future"? Was it a good move?
What are your thoughts?
Is this bad for IBD advisory side in the U.S? (M&A and capital raising, not markets and S&T)
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