Needle in a haystack

27 March 2018 By Christopher Thompson Follow @CGAThompson

The German lender has begun looking for a new boss. Replacing John Cryan may prove difficult until the company figures out whether to be a global investment bank or return to its more modest corporate lending roots. Nor are there obvious fixes for an ailing business model.

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Deutsche Bank has begun looking for a new chief executive to replace John Cryan, Reuters reported on March 27, citing two people familiar with the situation.

Paul Achleitner, chairman of Germany's largest bank by assets, has initiated a search to replace Cryan but the process is still at an early stage, the sources said.

The Times newspaper on March 26 reported that the bank had approached Richard Gnodde, a senior Goldman Sachs executive, to take on Cryan’s role. The paper also named Jean Pierre Mustier, chief executive of UniCredit, and Bill Winters, chief executive of Standard Chartered, among other possible replacements.

All of the individuals cited by the Times declined the position, one of the two people familiar with the matter told Reuters.

Deutsche Bank shares were up 0.8 percent to 11.27 euros by 1545 BST.

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