Media: Deutsche Bank’s CEO Cryan to be replaced

BERLIN — German media are reporting that Christian Sewing, currently a member of Deutsche Bank’s management board, may become the new CEO of Germany’s biggest lender replacing John Cryan.

News magazine Spiegel Online and daily Handelsblatt reported Sewing will be nominated at a board meeting Sunday night.

Deutsche Bank confirmed late Saturday that its “supervisory board will have a discussion on the banks’ CEO position.” The bank wrote, “it is planned to take a decision in this context on the same day.”

Cryan took over in July 2015 after the previous co-CEOs, Anshu Jain and Juergen Fitschen, stepped down as the bank struggled with uneven profits that were repeatedly eroded by funds set aside for litigation expenses.

Rumours that Cryan might be replaced after three years of losses have swirled for weeks.