(Bloomberg) — Christian Sewing is on track to becoming Deutsche Bank AG’s longest-serving sole chief executive officer since the firm was put together in its modern form almost 70 years ago.
Germany’s largest lender this week extended Sewing’s term until 2029, meaning he will have been in the role 11 years if he serves it out. That’s the longest for any sole CEO since several regional banks reconstituted Deutsche Bank in 1957, following its breakup after World War II.
Sewing, 54, is widely credited with leading Deutsche Bank out of a period of painful losses and legal scandals that pushed it into a crisis lasting for several years. The lender has since returned to sustained profits and regular investor payouts, even if it continues to lag behind many European peers on profitability.
The continuity of Sewing’s tenure contrasts sharply with an extended period of much quicker CEO turnover before he took the helm. His predecessor, John Cryan, was in charge for only three years, partly together with Jürgen Fitschen, who served four. Anshu Jain, who passed away in 2022, only remained at the top for three years as well.
While Sewing may eventually become the longest-serving sole CEO in Deutsche Bank’s post-war history, Friedrich Wilhelm Christians held the position as co-CEO for 12 years until 1988. And even if Sewing were to stay even longer, he’ll still be unlikely to outlast Georg von Siemens, who ran the bank for 30 years — from its foundation in 1870 until 1900.
After World War II, the Allied Forces divided Deutsche Bank into several smaller lenders as it had helped to finance the Nazi regime. Several of those banks agreed in 1957 to re-unify under the Deutsche Bank name.
More stories like this are available on bloomberg.com
Leave a Reply