Deutsche Bank (ETR:DBK) has ousted its chief executive John Cryan amid continued losses in the last few years.
Germany’s biggest lender announced the decision after an emergency meeting was held late into Sunday evening.
The move comes amid three years of reported losses and a series of scandals damaging the reputation of the bank.
Back in February, the bank reported pre-tax profits of 1.3 billion euros, and a net loss of 0.5 million euros for the year.
John Cryan had been at the helm of the bank since 2015, with his contract was due to expire in 2020.
However, with little signs of improvement, pressure had been mounting on Yorkshire-born Cryan, who had originally been tasked with overhauling the bank.
The bank’s troubles follow a series of legal difficulties and heavy penalties relating to mortgage backed securities dating back to before the financial crisis.
Specifically, the bank had been hit with a $7.2 billion (£5.9 billion) fine by US authorities back in 2016.
The series of challenges led the IMF to label Deutsche Bank as the riskiest bank that year, alongside failing US-based stress tests.
Deutsche chairman Paul Achleitner commented that Mr Cryan had “laid the groundwork for a successful future of the bank” despite a “relatively short tenure” in the role of chief executive.
“However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.” He added.
Co-deputy chief executive Christian Sewing is set to take over the position, effect immediately.
Cryan’s successor has been at Deutsche Bank for the majority of his career, specifically overseeing the bank’s private and commercial operations.
In a letter published on Deutsche Bank’s website, Mr Sewing stated:
“The priority is to leverage our strengths and to allocate our investments accordingly. And at the same time we will look to free up capacity for growth by pulling back from those areas where we are not sufficiently profitable”.
Shares in the bank are currently trading +4.33 percent as of 10.29 AM (GMT).