Deutsche Bank’s supervisory board on Sunday appointed Christian Sewing, 47, as chief executive.

Sewing, who had been a member of the German bank’s management board since 2015 and was appointed as president in March 2017, succeeds John Cryan.

A German national with a background in retail banking, Sewing takes over from a leader who presided over three consecutive years of losses.

The move could signal a shift in emphasis away from seeking profit growth through the investment bank and giving investment bankers greater influence.

Among those cited as a possible replacement was Matt Zames, a former exec at JP Morgan Chase.

“Following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank,” chairman Paul Achleitner said in a statement.

With wires