Q FM Africa's Modern Radio
Deutsche Bank has dismissed its British-born chief executive John Cryan amid continued losses at Germany’s biggest lender.
Co-deputy chief executive Christian Sewing will take over the role with immediate effect.
Since Mr Cryan began the job in 2015, there have been a series of scandals as well as three years of reported losses.
“We need a new execution dynamic in the leadership of our bank,” Deutsche Bank chairman Paul Achleitner said.
The shake-up was announced after an emergency meeting which ran late into Sunday night.
Mr Cryan’s contract was due to run until 2020.
“Despite his relatively short tenure as chief executive, 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,” Mr Achleitner said.
Mr Sewing, who has been with Deutsche Bank for more than 25 years, was most recently responsible for its private and commercial bank operations.
Some analysts say his appointment suggests a strategic shift towards retail banking in its home market.