Christian Sewing
Deutsche Bank AG Chief Executive Officer Christian Sewing is set to relinquish his role overseeing the lender’s sprawling investment bank, freeing him up to focus on a multi-year restructuring plan to revive the institution.
Germany’s largest lender is preparing to name someone else for the role to allow Sewing to concentrate on his position as CEO, according to people familiar with the plans. It’s not yet clear who will succeed him, but a decision will likely be made over the next couple of months, the people said asking not to be identified discussing the private information.
Sewing took on the dual role of CEO and investment banking head as part of his decision in 2019 to pull out of equities trading and slash the division’s headcount more generally. But Deutsche Bank’s regulators told Sewing soon after they’d prefer him to give up the role out of concern it overburdens him, and the bank was also considering hiring an outside executive for the job, Bloomberg News reported at the time.
The regulators’ skepticism has since remained in place, the people said now. The CEO has said the bank will focus on investments this year to drive revenue growth after two years of deep cost cuts.
A Deutsche Bank spokesman declined to comment. Handelsblatt first reported that Sewing will soon give up the investment banking role.
The investment bank has become an increasingly important part in the turnaround strategy Sewing unveiled almost two years ago. The growth expectations pinned on the unit have grown while the targets for the bank’s other divisions, which were initially at the heart of Sewing’s plan, have been scaled back as the low-interest rate regime in Europe became entrenched.
Revenue from both fixed-income trading, led by Ram Nayak, and underwriting of debt issues and equity capital raises, led by Mark Fedorcik, has soared amid buoyant global capital markets.
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March 26, 2021 at 12:47PM
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Deutsche Bank CEO Set to Give Up Investment Bank Oversight - Bloomberg
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