According to the article, the departure of John Cryan was announced following a meeting of the bank’s supervisory board in Frankfurt, where it was also revealed that Sewing would take over as CEO with immediate effect. 

Of the decision to make changes at the top, Deutsche Bank chairman Paul Achleitner said that a, “comprehensive analysis” exposed the need for, “a new execution dynamic in the leadership of our bank.” Cryan had been under mounting pressure in the lead up to the decision due to criticism of the bank’s falling revenues.

Prior to his new appointment, Sewing headed Deutsche Bank’s private and commercial banking activities. He has been employed by the bank since 1989.