The chairman of Deutsche Bank has come under increasing pressure from investors to explain why his strategy to turn around the fortunes of the ailing German bank has failed with some shareholders calling for the 61-year-old to go.

Paul Achleitner, who was appointed chairman of Deutsche six year ago, was forced to hastily convene a conference call with the bank’s supervisory board on Sunday evening to replace chief executive John Cryan after the company's biggest investors became impatient with the pace of change at Germany’s largest lender and the poor performance of the bank’s shares.