The appointment of Christian Sewing as Deutsche Bank's chief executive officer to replace an embattled John Cryan after less than three years — and three turnaround plans — answered just one of the questions hanging over the struggling institution.
Deutsche Bank is said to be conducting a fresh review of its trading businesses, an overhaul that CEO John Cryan is pursuing to help restore profitability amid reports that the bank is seeking to replace him.
Deutsche Bank Chairman Paul Achleitner is said to have held talks with possible replacements for CEO John Cryan. The bank's turnaround efforts have been disappointing in many eyes, but there is open debate on whether it's Cryan or Achleitner who deserves most of the blame.
Berkery will be succeeded by Michael Blum as the chairman of UBS Bank USA. A Merrill Lynch alum, Berkery was part of the turnaround team at UBS' wealth management unit, and during her tenure, the lending book at its bank more than doubled in size.