Deutsche Bank turns to British takeover specialist

Deutsche Bank - Foyer Bridge

Deutsche Bank is turning to a British takeover specialist who helped reshape two of the world’s biggest banks as it seeks to end years of missed targets and underperformance.

Bloomberg News reports that John Cryan, a supervisory board member since 2013 who hasn’t run any of the firm’s operations, was named the next chief executive officer of Europe’s largest bank by assets in a surprise announcement Sunday.

He’ll replace Deutsche Bank co-CEO Anshu Jain at the end of the month and become sole CEO when Juergen Fitschen steps down next May. The shares surged as much as 8.2%, the most in two years.

Cryan, 54, climbed the ranks at UBS to become one of its most senior investment bankers, helping advise ABN Amro on its record-setting sale in 2007. As the financial crisis mounted the next year, UBS promoted Cryan to chief financial officer, where he helped slash the bank’s balance sheet amid a government rescue. He’s known for deliberate and precise answers, and even speaks German.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank’s Surprise CEO Pick Brings Turnaround Record

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