Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround
Steven Arons, 15 June 2021
Deutsche Bank AG revamped the units seeking to detect and prevent financial crimes after a number of recent compliance issues risk undermining progress in Chief Executive Officer Christian Sewing’s turnaround plan.
Chief Administrative Officer Stefan Simon, in a memo to employees Tuesday, announced a reorganization of his business into six units, with the aim of reshaping the bank’s anti financial crime efforts. As part of the changes, Mary Kirwan, a former Credit Suisse Group AG executive, and Jan-Gerrit Iken from Commerzbank AG will join. Continue reading “Article: Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround”
The Federal Reserve told Deutsche Bank AG DB 0.40% in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter.
The Federal Reserve has privately told Deutsche Bank AG that its compliance programs aren’t up to snuff, signaling that the scandal-plagued bank is failing to adhere to a number of past accords with U.S. regulators, according to people familiar with the matter.
Deutsche Bank AG reported its strongest quarter in seven years thanks to activity at its investment bank, while the lender escaped the implosion of Archegos Capital Management that badly hit some rivals.
It is a striking paradox that postwar Germany has achieved sustained success as an economy, even with a flailing banking sector, headed by the flag-carrying Deutsche Bank, to underpin it. But there are signs the contradiction may be resolving.
Christian Sewing is the CEO of Deutsche Bank since 2018 and has been a member of the Management Board since 2015. He joined Deutsche Bank in 1989. From January until June 2015, he was responsible on the Management Board for Legal, Incident Management Group and Group Audit, and assumed responsibility for Deutsche Bank’s Private & Commercial Bank (including Postbank) between July 2015 and April 2018.