The position of current Deutsche Bank’s chief John Cryan looks more fragile than ever as a large investor argued whether he should remain in charge.
John Thain, who has been CEO of Wall Street giant Merrill Lynch for four years, will join Deutsche Bank’s supervisory board next month, Bloomberg reports.
Michael Huenseler, at Assenagon Asset Management, which has a stake in Deutsche Bank, said he doesn’t believe Mr Cryan will remain at Deutsche Bank, especially after it was reported that the lender hired a headhunter to replace him.
He told The Sunday Telegraph: “I don’t think there is a way back.
“The dynamics of this will inevitably lead to even more pressure on the CEO and the chairman.”Related articles
I don’t think there is a way back. The dynamics of this will inevitably lead to even more pressure on the CEO and the chairman
Michael Huenseler, at Assenagon Asset Management
Mr Huenseler joined the chorus of those who believe Mr Cryan, who joined the German bank in 2015, deserves a lot of credit for his achievements but doubt whether he is “the right man in the right place”.
He said: “He lacks a clear strategy to fix the loss of market share and the bank seems to become less competitive in a fierce marker.”
Mr Huenseler’s analysis comes after