A tense scene unfolded inside Deutsche Bank’s Manhattan tower just hours before news began leaking that the firm was looking for a new chief executive officer.

Bloomberg News reports that U.S. regulators on that day in late March gave senior executives a stern warning that remains in effect: Europe’s biggest investment bank, they said, must act more urgently to fix lapses described in a series of settlements with the Federal Reserve over the past few years. Their patience was wearing thin.

The encounter, which was followed by another meeting between the Federal Reserve Bank of New York and Chairman Paul Achleitner, underscores a daunting behind-the-scenes challenge facing new CEO Christian Sewing. He doesn’t only have to reshape the firm, revive profits and improve morale — he has to get regulators off Deutsche Bank’s back.

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Deutsche Bank Got a Scolding From the Fed

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