As it turns out, there is a fate worse than being Deutsche Bank’s CEO, and that is getting fired from the job. That’s how it seems, at any rate, to John Cryan, in the face of news that his boss has launched a shambolic search for a successor a full two years before Cryan’s contract is up, just in case there’s someone out there who’s just as masochistic and Sisyphean as Cryan, but also, you know, good at things.
“I just wanted to reaffirm that I am absolutely committed to serving our bank and continuing down the path on which we started some three years ago,” Cryan wrote in a memo to staff that seen by Bloomberg and confirmed by the bank. “We need to demonstrate the excellent progress we are making.”
Chairman Paul Achleitner has approached potential successors to Cryan as part of plans to replace the executive should a better candidate emerge, people with knowledge of the matter said earlier this week…. Cryan, in the memo, said there is no difference of opinion between the management and supervisory board on the execution of the bank’s strategy.
Nope, just a slight disagreement on who should be doing that executing. Which, if you were wondering, involves cuts beyond the c-suite.
Deutsche Bank is conducting a fresh review of its investment bank that could lead to deeper cuts across the trading businesses, according to people familiar with the matter. Senior executives plan to complete the review, dubbed “Project Colombo,” within weeks, before deciding where to cut and where to invest, said two people.