John Cryan

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John Cryan
Occupation Chief Executive Officer
Employer Deutsche Bank

John Cryan is the chief executive officer of Deutsche Bank. He was appointed to that position in June 2015. He was previously chief financial officer at UBS.

Cryan was ousted by Deutsche Bank in April of 2018 and is scheduled to leave the company at the end of that month, the company said in a statement. He will be replaced by Christian Sewing, an executive who has worked for Deutsche Bank for nearly three decades, most recently as head of its wealth management and retail banking businesses.

As CEO, Cryan tried to overhaul the bank to make it more competitive with its international rivals, cutting costs by closing hundreds of bank branches and eliminating tens of thousands of jobs. However, the company still posted an annual loss of €500 million ($610 million) in 2017, after losses of €1.4 billion and €6.8 billion in 2016 and 2015 respectively.[1]

Cryan joined Deutsche Bank role after the previous co-chief executives, Anshu Jain and Jürgen Fitschen, resigned. Fitschen stayed on for another year along with Cryan, who then became the bank's sole chief executive in 2016.[2]

Even before he joint the bank as CEO, Cryan was a member of Deutsche Bank's supervisory board starting in 2013, and chaired its audit committee as well as served on the risk committee.[3]

Background

Cryan took over as chief financial officer at UBS in 2008, during the worst of the financial crisis. The company then underwent a radical restructuring and went on to write off $50 billion.

At UBS, he advised ABN Amro on its defense against takeover efforts in 2007 and worked at Standard Chartered on multiple acquisitions, including Manhattan Card from Chase Manhattan Bank in 2000 and Nakornthon Bank in Thailand in 1999. He was the bookrunner of the initial public offering on the Bank of China. He rose to chairman and chief executive for UBS Europe, the Middle East and Africa, as well as CFO.

He left UBS in 2011 and the following year became head of Europe at Temasek, the sovereign wealth fund of Singapore, where he stayed for two years.

He was trained as an accountant and joined SG Warburg in 1987. He stayed there as it became part of UBS. He also lived in Germany for a period of his banking career and speaks fluent German.

Education

References

  1. More turmoil at Germany's biggest bank: Deutsche Bank's CEO is out. CNN Money.
  2. High Hopes for John Cryan, Deutsche Bank’s New Chief, Known for His Pragmatism. The New York Times Dealbook.
  3. New Deutsche Bank CEO John Cryan Expected to Continue Cost Cutting Drive. The Wall Street Journal.