Monday, 9 April 2018

Deutsche Bank sacked its British chief executive John Cryan after losses



Deutsche Bank has sacked its British chief executive John Cryan after three years of financial losses.
 
Mr Cryan will leave Germany's biggest lender at the end of April.
 
 
He took the job in July 2015, following the departures of co-CEOs Anshu Jain and Juergen Fitschen.
Before that, he was president for Europe at the Singaporean sovereign wealth fund Temasek and chief financial officer of Swiss bank UBS.


The 57-year-old had tried to cut costs and pull the bank from less profitable businesses and regions.


Despite this, recovery was slow, not helped by low interest rates putting pressure on lending margins as well as a reduced income from trading stocks and bonds.


A good chunk of any profits were eroded by litigation costs and Deutsche Bank lost €735m (£640m) last year.


Paul Achleitner, chairman of the bank's supervisory board, said in a statement: "Despite his relatively short tenure as CEO, John Cryan has played a critical role in the almost 150 year history of Deutsche Bank - and laid the groundwork for a successful future of the bank.


"The supervisory board in general and I personally are grateful for this.






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