Banking: Deutsche Bank replaces CEO
Germany’s biggest bank replaced its chief executive this week “after years of grim financial results and sputtering attempts to regain a spot among global investment-banking powerhouses,” said Jenny Strasburg in The Wall Street Journal. Deutsche Bank’s decision to replace CEO John Cryan with Christian Sewing, the head of its retail banking arm, might signal a “less ambitious future” after a stretch of money-losing years. Analysts said Sewing’s promotion suggests that the banking giant could be heading into a more pragmatic, lower-profile period of stabilization and consolidation.
Media: Fox’s European office raided
The London offices of Rupert Murdoch’s 21st Century Fox were raided this week by European Commission officials, said Daniel Boffey in The Guardian (U.K.), as part of an antitrust investigation of Fox’s dominant position in sports broadcasting. Competition regulators in Brussels held “a series of unannounced inspections” at sports broadcasters across Europe, confiscating documents and computer records, and are reportedly looking into whether companies have “violated EU antitrust rules that prohibit cartels.” Fox is currently “embroiled in a long-drawn-out takeover” of the pay-TV group Sky.
Retail: Nine West files for bankruptcy
The women’s shoe and accessory retailer Nine West Holdings filed for bankruptcy this week, citing “declining mall traffic” and falling sales, said Christen Johnson in the Chicago Tribune. The company, which owns the brands Nine West and Anne Klein, sells its wares in more than 1,200 malls and outlets. Documents filed at the time of bankruptcy revealed it has a total of $1 billion in debt on its books. The company plans to continue trading “while it tries to pay back creditors.”
Autos: VW seeks fresh leadership
Volkswagen’s board this week “abruptly ended the tenure” of its CEO, said Christoph Rauwald in Bloomberg.com. Matthias Mueller was appointed in September 2015, days after the company admitted to having cheated on diesel emissions tests and installed illegal software in 11 million vehicles. Mueller, who still had two years remaining on his contract, was described internally as a “reluctant leader,” while his replacement, VW brand chief Herbert Diess, is seen as a leader “who can implement deeper changes.” Crucially, Diess, unlike Mueller, “was not at the automaker when the diesel cheating began.”