“It is not only important to cope with the consequences of the pandemic, but also to shape the transformation to a digital and sustainable economy – and that requires enormous investments,” says Christian Sewing.
Deutsche Bank boss Christian Sewing will take over the position of President of the Association of German Banks (BdB) on July 1 of this year. The association’s board of directors elected Sewing as the successor to Hans-Walter Peters on Monday, as the BdB announced. The regular term of office of the BdB President is three years. The association represents the private banks in Germany.
Peters, who had already resigned in mid-April 2020 after four years in office, stepped in again last August because the association surprisingly lost his successor. The then Commerzbank boss Martin Zielke, who had only been BdB president for a short time, also gave up his honorary position at the banking association in the summer because of his retirement from the Commerzbank top.
Deutsche Bank promoted Sewing to the top post in April 2018. The manager ordered the Frankfurt Dax group to undergo radical restructuring, including cutting thousands of jobs. After five years of losses in a row, Germany’s largest financial institution turned the trend around in the year of the Corona crisis. Deutsche Bank recently extended the contract with its CEO until April 2026.
“It is not only important to cope with the consequences of the pandemic, but also to shape the transformation to a digital and sustainable economy – and that requires enormous investments”, quoted the BdB Sewing in the press release. “The private banks will do their part to ensure that this change succeeds and that our economy emerges stronger from this crisis.”