A little over a year ago I wrote about Christian Sewing and how he would be the future Deutsche Bank CEO.
As many of you know I have been looking at DB for many years and have detailed its corrupt executives cover ups and perhaps illegal actions just prior to the breaking of Libor scandal.
Well the pendulum has swung full circle as Sewing — who investigated the alleged suicide of the bank’s principle risk officer William Broeksmit — has been rewarded once again for his loyalty to the German bank with a stint as CEO.
Sewing’s probe — called upon by then-CEO Ashu Jain — into the death of Broeksmit stated that his position at the bank had no cause to his death.Now remember Sewing worked directly under Broeksmit
Sewing did not publicly say if he looked into the death of Charles Gambino, who was a Managing Director for the bank in New York and was working with the Securities and Exchange Commission most likely on the Libor rigging probe.
Since Sewing comes from DB’s old guard and knows probably all of the pass transgressions of the bank, which has cost shareholders billions in fines and penalties, I can’t see him as having a successful tenure of being able to turn the bank’s fortunes around.
Ironically, shares of DB are up 3.8% this morning on the news to $14.40. I will come back to this in a month and see if the price is still even in the teens. I suspect single digits by that time.
It’s funny, but when I wrote this item for the Sunday New York Post over the weekend about outside bankers being considered for the position, I was going to mention Sewing but ran out of room.