Deutsche Bank seeks to replace CEO with Goldman executive: report

[BENGALURU] Deutsche Bank is seeking to replace chief executive John Cryan amid an intensified boardroom row over the bank's future and alarm at its performance, the Times newspaper reported on Monday.

Germany's largest bank has approached Richard Gnodde, a senior executive of Goldman Sachs, to take on Mr Cryan's role less than two years into his tenure, the newspaper said.

Deutsche Bank was not immediately available to comment on the London newspaper's report.

Mr Gnodde, who is a vice-chairman of Goldman Sachs, is said to have been pursued by the lender amid a breakdown between Mr Cryan and Deutsche chairman Paul Achleitner, the Times said.

Mr Gnodde is believed to have turned down the proposal. Other possible replacements considered are Jean Pierre Mustier, chief executive of UniCredit SpA and Bill Winter, chief executive of Standard Chartered, according to the Times.

Earlier this month, Deutsche Bank warned on costs for 2018, citing delays in some business disposals, even as the lender said it expects revenues to rise for the full year.

It also said its bonus pool would be above 2 billion euros ($2.49 billion) as the loss-making bank seeks to retain staff during a major overhaul.

REUTERS