John Cryan’s reign at the top of Deutsche Bank was supposed to alleviate the concerns of investors after several years of tumult. Instead, the bank has had to hastily call a board meeting on Sunday evening to replace the 57-year-old, in part because major investors have lost faith in the stoic Brit.

According to Der Spiegel, the German magazine, Christian Sewing, currently co-deputy chief executive officer of Deutsche, is to become the new CEO of the country's biggest lender. The publication said that chairman Paul Achleitner will nominate Sewing at an unscheduled board meeting on Sunday evening. Sewing, 47, would become CEO at the bank’s annual general meeting in May, the magazine said.