Less than two years into the role Deutsche Bank's CEO faces a fight to hold on to his job. His bank is reported to be sounding out potential replacements – one of whom is well-known in Asia.
John Cryan is under immense pressure from key shareholders alarmed at the German lender's performance. Now, mounting differences with the board over his restructuring strategy could lead to his ouster, according to a report from British newspaper «The Times» (behind paywall).
The German lender's fall from grace is becoming a thorn in the side of the once-proud German business elite. The most recent ructions come as Deutsche's private bank head Lok Yim attempts to recover lost ground in Asia with an aggressive hiring spree. Wealthy clients seek stability and the messy headlines could prove a deterrent in attracting new customers.
Angered Chairman
Cryan, a respected former UBS banker who served a stint at Temasek after leaving the Swiss bank, has clashed with Deutsche's board over how to handle the bank's largest shareholder, Chinese conglomerate HNA, the paper reported, citing an undisclosed source. He and his finance chief James von Moltke also want deeper cuts to Deutsche's investment banking unit than the board does.
The already tense relationship between Cryan and his chairman, Paul Achleitner, has degraded so dramatically that Deutsche's board is sounding out potential replacements for Cryan. «It is quite clear the relationship is broken between the chief executive and the chairman,» the paper quoted the person as saying.
Turned Down
Who are the candidates to take over from the embattled CEO? They include Standard Chartered boss Bill Winters, the paper reported. The American banker has enjoyed relatively more success in his own restructuring efforts at the British bank with strong business in Asia, Africa and the Middle East.
Goldman Sachs rainmaker Richard Gnodde and Unicredit boss Jean Pierre Mustier were also floated by the paper as potential successors. Gnodde reportedly turned down Deutsche's board.
