Deutsche Bank AG
restructures his compliance function as his long-standing Chief Risk Officer is preparing to leave after 25 years with the German lender.
who joined Deutsche Bank in 1996 has announced his plan to leave the bank by next May’s general meeting, the CEO of Deutsche Bank
said in a statement Monday.
Deutsche Bank will restructure its chief risk office to create a seamless transition, Sewing said, transferring responsibility for compliance and anti-financial crime functions to its chief administrative officer.
The changes will allow the bank to consolidate functions that require coordinated dialogue with regulators, he said.
« We have invested heavily in our controls over the past few years and under the leadership of Stuart made significant progress, « said Sewing. « We know we need to keep investing and keep improving – and that’s exactly what Stefan will do. »
Mr. Sewing has worked to restore the lender’s reputation with regulators. In January, the company agreed to pay $ 130 million to settle allegations of bribery and trade in goods. The settlement was the latest in a string of heavy fines Deutsche Bank paid in the US and the UK, including for weaknesses in its anti-money laundering procedures. Deutsche Bank also said Monday that Mr Sewing will receive a new contract that runs until April 2026 and that the lender will undertake a major reorganization of its board of directors. Mr. Sewing’s responsibility for investment and corporate banking will be transferred to
Chief Transformation Officer of Deutsche Bank.
is also expected to leave Deutsche Bank as part of the Leadership Shuffle. After his departure, the head office will no longer be a separate board function, and areas within its remit will be shared between other board members, Deutsche Bank said.
The uncertainty in supply chains is leading to new thinking about managing complex, highly dispersed ecosystems. Many organizations, including the federal government, are researching their risk profiles and considering changes.
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Related title :
– Deutsche Bank organizes risk management and compliance functions Functions new
– Deutsche Bank reorganizes compliance functions
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