Deutsche Bank AG's supervisory board is leaning toward replacing Chief Executive Officer John Cryan with Christian Sewing, one of his two deputies, according to people with knowledge of the discussions.
The supervisory board also on Sunday appointed management board members Garth Ritchie and Karl von Rohr as new presidents.
Cryan has failed to stem the bank's ongoing losses, is to step down from his role with immediate effect.
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.
Given sole command of the lender in 2016 after the departure of co-CEO Juergen Fitschen, Cryan's task was to restructure Deutsche and clean up the toxic legacy of its pre-financial crisis bid to compete with global investment banking giants.
The 47-year-old has worked at Deutsche Bank since 1989 in areas including audit and risk. "However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank".
He has been on the management board of the bank since January 2015.
Cryan took over in 2015 and pushed to cut costs, streamline computer systems and leave less profitable businesses and regions. At the end of 2017Q4, the institutional investor held 750,000 shares of the major banks company, valued at $14.27 million, down from 2.32 million at the end of the previous reported quarter.
"The supervisory board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era".
"I just wanted to reaffirm that I am absolutely committed to serving our bank and to continuing down the path on which we started some three years ago", Cryan wrote to employees. Before becoming CEO of Germany's biggest bank, the British financial executive served as president for Europe at the Singaporean investment company Temasek, and as the chief financial officer of Swiss bank UBS.
Sewing, now head of the bank's private and commercial banking division, has been with the company since 1989.