Crisis-hit Deutsche Bank to push out British CEO

Trouble-plagued Deutsche Bank is to oust its British CEO John Cryan and replace him with one of his deputies Sunday, media reported, in a bid to get Germany's biggest lender back on track after years in crisis.

Following weeks of speculation, the move is to come late Sunday during a supervisory board meeting at the bank's Frankfurt headquarters. News weekly Der Spiegel and business newspaper Handelsblatt said the bank would tap Christian Sewing, 47, currently a deputy CEO and head of private banking, to take over in May from Cryan, who has been at the helm since 2015.

Deutsche Bank, which declined to comment on the Spiegel report, called the surprise meeting "to discuss the chairmanship and to take a decision the same day," it said in a statement Saturday.

While Cryan's contract runs until 2020, press reports in recent days have suggested a rift over strategy with supervisory board chairman Paul Achleitner, who called Sunday's meeting.