Deutsche Bank has dismissed its chief executive John Cryan amid continued losses at Germany’s biggest lender.
After taking over in 2015, British-born Mr Cryan, 57, has battled the fallout from a series of scandals as well as three years of reported losses.
Co-deputy chief executive Christian Sewing, 47, will take over as chief executive immediately.
The shake-up was announced after an emergency meeting that ended late on Sunday night.
Mr Cryan’s contract was due to run until 2020.
Deutsche chairman Paul Achleitner said Mr Cryan had “laid the groundwork for a successful future of the bank” despite his “relatively short tenure” as chief executive.
Mr Sewing, who has been with the bank for his entire career, had been responsible for its private and commercial bank operations.
Some analysts say his appointment suggests a strategic shift towards retail banking in its home market.
