The supervisory board of Deutsche Bank AG is bent on appointing Christian Sewing to succeed CEO John Cryan, according to people with knowledge of the discussions.
A final decision has not been made since the supervisory council meets on Sunday afternoon to discuss the situation, the people said, asking not to be identified because the talks are private. The bank, which said it expects to make a decision after the board meeting, is preparing the third leadership appointment in six years amid investor pressure to improve profitability and reverse the decline in stocks.
The nominating committee of the supervisory board, which proposes candidates, is unanimous in replacing Cryan, one person said. Officials of Deutsche Bank declined to comment.
Sewing is co-executive vice president along with co-director of investment banking Marcus Schenck. He also co-directs the private and commercial bank.
In recent weeks, when President Paul Achleitner intensified the search for a successor, media speculation about the CEO's future forced Cryan to say he was committed to the job. while the president remained silent. Separately, both Garth Ritchie and Schenck, who jointly lead the investment bank, are considering leaving the firm as early as this year, according to people familiar with the matter.
Achleitner interrupted his vacation to meet with stakeholders last week to discuss his next move, people familiar with the discussions have said. The march of the CEOs and the changes of strategy since he took office as president in 2012 have also led some analysts and investors to question the responsibility of Achleitner.
Even until the last few days, investors have expressed mixed opinions about Cryan and who should replace him. At least two key investors have been pushing for his overthrow, while another has signaled that he will not stand in the way if Achleitner eliminates it, the people said, who asked not to be identified because the talks are private. But another great owner still supports the CEO, one person said.
Cryan, then a member of the supervisory board, took over in mid-2015 with the mandate to stabilize and clean up the company. He has struggled to restore revenue growth in the largest investment bank in Europe after reducing risk, resolving billions of dollars of misconduct and obtaining fresh capital. A little over a year ago, he appointed co-CEOs Schenck and Sewing as part of the company's latest strategic review.
Sewing was responsible for helping to manage a new private and commercial banking unit, as well as corporate clients and wealth management. A lifelong veteran of Deutsche Bank, Sewing served as deputy risk manager from 2012 to 2013 and head of group auditing from 2013 to 2015.
Sewing won applause from Cryan for successfully negotiating job cuts at the German retail unit with the influential workers & # 39; councils, implementing the agreement as scheduled and without a strong reaction from the media. He also spearheaded Deutsche's internal investigation into his role in the alleged money laundering at the bank's Russian unit, which led the bank to close its unit of securities in the country.