Germany’s biggest bank has sacked its British boss after three years of losses under his stewardship.
John Cryan, 57, who became co-chief executive of Deutsche Bank in July 2015, will leave at the end of the month.
The Cambridge graduate, who grew up in Sunderland, moved to shrink the bank’s global ambitions by axing jobs and closing branches following his appointment.
But he could not effectively arrest the bank’s slide, which has been compounded by billions of euro in regulatory fines and the financial fallout of low interest rates in recent years.
The son of a jazz musician, German-speaking Mr Cryan joined the Frankfurt-based lender after stints at Swiss bank UBS and wealth fund Temasek. He is said to have rejected the corporate flamboyance of his predecessors, preferring scheduled flights to private jets.
Mr Cryan became sole chief executive of Deutsche Bank in 2016 and is to be replaced by Christian Sewing, who has worked at the bank for almost 30 years.
Mr Sewing thanked him for his “enormous contribution” during an “extremely difficult period”.
Last year, the German banking giant signed a 25-year lease for its new City headquarters in London despite warnings it may move staff and assets to Frankfurt in light of Brexit.
Mr Cryan took home a base salary of €3.8m in 2017 but did not receive a bonus for the second year in a row.
Paul Achleitner, chairman of Deutsche Bank’s supervisory board, said: “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. However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”