Deutsche Bank's outgoing CEO John Cryan was taking too long to revamp and revive the German lender, according to the bank's chairman.
The German bank decided Sunday to appoint a new chief executive officer, Christian Sewing, its fourth leader in six years. Deutsche Bank has been struggling over the last few years, posting a 497 million euro ($612 million) loss for 2017, compared to the 290 million euro loss that Reuters analysts had estimated. This marked the third consecutive annual loss for the bank.
Paul Achleitner, the chairman of the bank's supervisory board, told the Frankfurter Allgemeine Zeitung late Monday that Cryan had undoubtedly made a name for himself with Deutsche Bank and made many big decisions. But, he added that the speed at which the board made decisions and enforced them was hindered during his tenure. Achleitner stated that the bank announced a capital increase a year ago when the share price was about 17 euros. Last week, the share price was temporarily below 11 euros, he added.