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NEWSLETTERS & ALERTS
CEO, CRO Changes at Deutsche Bank
by Howard Haykin
Deutsche Bank is expected to replace senior executives in the U.S. by year’s end. Sylvie Matherat, the bank’s Chief Regulatory Officer and a member of the management board, and Tom Patrick, who runs operations in the Americas, are among the executives most likely to leave. Zia Huque, head of DB’s broker-dealer, may also be on a short leash.
The moves are part of an effort to mollify regulators who have cited Deutsche Bank for repeated compliance failures. In September, Germany’s markets regulator ordered the firm to improve money-laundering and terrorism-financing controls. In another instance, aA Danske Bank whistle-blower implicated Deutsche Bank’s U.S. unit in a scandal involving $150 billion in laundered funds.
That said, under Ms. Matherat, the bank has reinforced its compliance and AML task forces by 50% since 2015.