FRANKFURT (March 28): Deutsche Bank has extended the contract of its CEO Christian Sewing, while the bank's deputy and another top executive will leave in a sweeping management revamp, cementing the leadership team of Germany's largest lender for the next period of its turnaround.

The array of announcements, made on Thursday evening, come in a crucial year as the once-troubled bank seeks to meet a series of ambitious targets. The moves will also influence the lender's global footprint and will help draw a line under an embarrassing legal blow.

Sewing, who joined the bank in his teens in the 1980s, was propelled to its top spot in 2018 after years of turmoil and huge financial losses at the lender. During his tenure, he oversaw failed merger talks with smaller rival Commerzbank, a strategy overhaul and returned the bank to steady, if lacklustre, profits, despite some hiccups along the way.

"There's so much opportunity out there," Sewing wrote on LinkedIn.

"The next phase of our development will be about leveraging this opportunity."

Sewing's new term as CEO will be his third and run until April 2029. He has already begun rethinking how the bank will tweak its strategy for 2026 and beyond, which includes possibly closing some businesses. "Nothing is off limits," he has said.

The Frankfurt-based bank also announced that its deputy James von Moltke, who has been chief financial officer since 2017, will leave after his term ends next year.

Raja Akram will become CFO. Akram joins from Morgan Stanley where he has been deputy CFO since 2020.

Also departing is board member Stefan Simon, who headed the Americas and the bank's legal department.

Last year, Simon achieved just over 60% of his short-term incentive goals, compared with Sewing's 103% and von Moltke's 98%, according to the bank's annual report.

Deutsche last year was caught off guard by a legal issue at its giant Postbank division, causing the bank to post a quarterly loss after a long streak in the black.

Deutsche Bank said Simon was leaving for personal reasons and Sewing thanked him. Simon didn't immediately respond to a request for comment.

Fabrizio Campelli, who runs the investment bank, will also assume regional responsibility for the Americas, starting from May, replacing Simon.

Deutsche's shares have roughly doubled since Sewing took over, outperforming the Stoxx Europe 600 Banks index, which is up about 50% in the same period.

As Sewing strives to meet his ambitious profit and cost targets, some analysts have been sceptical that the bank will reach all its goals.

In January, the bank announced fourth quarter and full-year profit fell more than expected, with investment banking revenue gains eroded by legal provisions and restructuring costs. The bank also abandoned a key cost target.

Still, Germany's bold move to ease longstanding caps on government spending is a positive for the lender and economic growth in Europe's largest economy, analysts at RBC said in a note to clients on March 24.

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