Deutsche Bank is favoring Christian Sewing to be its new chief executive, replacing John Cryan, a source told CNBC on Sunday.
The decision is not final yet, the source said, but Sewing is seen by the board to be the favorite to take the helm of the troubled German lender.
Deutsche Bank’s supervisory board, which is led by Chairman Paul Achleitner, will hold a call at 1 p.m. Eastern where a decision will be made.
Cryan was on the supervisory board for two years before being made co-CEO in 2015 and then the only chief executive the following year. But under his tenure the German lender has struggled to make a profit, reporting its third consecutive annual loss in 2017.
Investors have punished Deutsche Bank with shares down over 27 percent in the last year.
Deutsche Bank has been weighing a few options for a new CEO, even approaching Goldman Sachs international chief Richard Gnodde to ask if he would be interested in taking the helm, CNBC reported last month.
Sewing is currently the German lender’s co-deputy chief executive officer and co-head of the private and commercial bank. He has been on the management board of the bank since January 2015.
The 47-year-old has worked at Deutsche Bank since 1989 in areas including audit and risk. He has worked in Frankfurt, London, Singapore, Tokyo and Toronto.
