Christian Sewing
Christian Sewing (born 24 April 1970) is a German banker who has served as Chief Executive Officer and Chairman of the Management Board of Deutsche Bank, Germany's largest bank, since April 2018. A career Deutsche Bank employee who joined as an apprentice in 1989, Sewing rose through retail and corporate banking roles to lead the troubled institution through a dramatic turnaround, restoring profitability after years of losses, scandals, and strategic missteps.
Sewing inherited a bank in crisis: Deutsche had posted losses in multiple consecutive years, faced investigations for money laundering and other misconduct, suffered severe reputational damage, and struggled with strategic direction. His leadership has emphasized radical restructuring including exiting global equities trading, cutting 18,000 jobs, refocusing on European corporate and retail banking, and rebuilding the bank's damaged culture and reputation. By 2022, Deutsche Bank achieved its first sustained profitability in years, vindicating Sewing's painful but necessary reforms.
Early life and education
Christian Sewing was born on 24 April 1970 in Bünde, a town in North Rhine-Westphalia, West Germany. He grew up in this industrial region during Germany's post-war economic boom, in a middle-class family without apparent banking connections.
Rather than pursuing university immediately, Sewing chose the German dual education system's apprenticeship path. In 1989, at age 19, he began an apprenticeship at Deutsche Bank in Bielefeld. This three-year program combined practical banking work with classroom education, culminating in a banking qualification from the Chamber of Industry and Commerce in 1991.
After completing his apprenticeship, Sewing pursued further education while working. He studied business administration at the Frankfurt School of Finance & Management, a prestigious private business school in Frankfurt specializing in finance and management. This combination of practical apprenticeship and academic business education provided Sewing with both operational banking knowledge and strategic management frameworks.
Career
Sewing's 36-year career at Deutsche Bank represents loyalty and perseverance rare in modern banking:
Early roles (1989-2000s): After his apprenticeship, Sewing worked in various retail and corporate banking positions across Germany. He gained experience in Frankfurt, and also worked internationally in London, Singapore, Tokyo, and Toronto, developing understanding of global banking operations and different market cultures.
Corporate Banking leadership (2000s-2010s): Sewing rose through Deutsche's corporate banking division, which serves large German and multinational corporations. His relationship management skills and understanding of German corporate culture—with its emphasis on long-term partnerships and discretion—made him effective in this critical business.
Chief Risk Officer (2015-2017): Sewing was appointed Chief Risk Officer, responsible for monitoring and controlling risk across Deutsche's global operations. This role came as Deutsche faced mounting legal and regulatory problems, giving Sewing front-row exposure to the bank's challenges.
Head of Private & Commercial Bank (2017-2018): Just months before becoming CEO, Sewing was appointed to lead Deutsche's retail and commercial banking division serving individuals and small businesses in Germany.
CEO (April 2018-present): On 8 April 2018, Deutsche Bank's supervisory board announced Sewing would replace John Cryan as CEO. Cryan, a British banker, had attempted reforms but failed to restore profitability or confidence. The board turned to Sewing, the ultimate insider, betting that deep Deutsche Bank knowledge and German credibility could succeed where an outsider had failed.
CEO tenure and turnaround
Sewing announced radical restructuring in July 2019:
- Exiting global equities trading: Deutsche would abandon efforts to compete globally in stock trading, eliminating the division and 18,000 jobs
- €74 billion of risk-weighted assets transferred to a "bad bank" for wind-down
- Refocusing on European corporate and investment banking, German retail banking, and private wealth management
- Massive cost reductions targeting €6 billion in annual savings
- Rebuilding compliance and risk management functions
- Cultural transformation emphasizing ethics and accountability
The restructuring was painful: thousands of job losses, business exits, write-downs, and continued losses through 2019-2020. However, by 2021-2022, Deutsche Bank returned to sustained profitability. The stock price recovered from historic lows, credit ratings stabilized, and client confidence improved.
Sewing's success derived from several factors:
- Credibility: As a career Deutsche banker, he understood the institution and commanded loyalty
- Realism: He accepted that Deutsche could no longer compete globally in all businesses and needed to focus
- German support: The German government and business community wanted Deutsche to succeed under local leadership
- Persistence: He stuck with the strategy despite setbacks and criticism
Personal life
Christian Sewing is married and has four children. He maintains significant privacy about his family, with his wife's name and children's details not publicly disclosed. The family resides in the Frankfurt area, Germany's financial capital.
Sewing is an avid tennis player, using the sport for fitness and stress relief from his demanding role. Colleagues describe him as reserved, methodical, and distinctly German in his approach—valuing thoroughness, long-term thinking, and relationship-building over flashy dealmaking.
Compensation
As CEO of Germany's largest bank, Sewing receives substantial compensation, though modest by American banking standards. In 2019, his first full year as CEO, his compensation totaled approximately €7 million, making him one of Europe's highest-paid banking executives. His compensation has fluctuated based on Deutsche Bank's performance, reflecting the board's emphasis on pay-for-performance.
Legacy
Sewing saved Deutsche Bank from potential failure or forced merger, restoring it as a viable European banking institution. Whether Deutsche can sustain profitability and grow, or whether Sewing's turnaround merely stabilized a diminished bank, remains to be determined.