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Deutsche Bank to review CEO John Cryan's future; president facing heat

With the lender's supervisory board holding a call Sunday evening to discuss Cryan's fate, it's still unclear what direction the board will ultimately take

Eyk Henning & Steven Arons | Bloomberg 

Deutsche Bank
The logo of Deutsche Bank is seen at its headquarters ahead of the bank's annual general meeting in Frankfurt, Germany

plans to clarify the future of Chief Executive Officer John Cryan on Sunday as faces pressure from key shareholders to take action.

With the lender’s supervisory board holding a call Sunday evening to discuss Cryan’s fate, it’s still unclear what direction the board will ultimately take, with key shareholders expressing mixed views on the CEO, people familiar with the matter said.

At least two have been pushing for the Cryan’s ouster, while another has signaled it won’t stand in the way if Achleitner makes such a move, said the people, who asked not to be identified because the discussions are private. But another major owner is still backing CEO, one person said. declined to comment.

Achleitner, who has yet to publicly address the matter, broke off his vacation and has been meeting with stakeholders this week to discuss his next move, the people said. Still, there is little indication what he actually intends to do, with options including keeping Cryan in his post, naming an internal candidate or bringing in an outsider.

Chief Financial Officer and Deputy CEOs and are the leading internal contenders for the post, but it’s also possible that Achleitner could pick a surprise external candidate, one person said this week.

At stake is the future direction of Germany’s biggest lender. At the heart of the internal struggle are questions about its US investment banking operations and how big a role they should have within the broader company in the future.

First Published: Sat, April 07 2018. 21:36 IST