Compliance chief quits Deutsche Bank after watchdog pressure
FRANKFURT (Reuters) - Deutsche Bank's global head of compliance, Andrew Procter, will leave to work for law firm Herbert Smith Freehills after German regulator Bafin put pressure on the bank to make changes in senior personnel.
Procter, global head of compliance, government and regulatory affairs at Deutsche Bank, was one of several names singled out by Bafin in a report leaked in January, which called into question the bank's attempts at a "cultural transformation".
In the report, the regulator said that Deutsche Bank had failed to draw the necessary consequences with senior personnel following an interest rate manipulation scandal.
Deutsche Bank said in an internal email that Procter was returning to practice law at his own wish, according to the Wall Street Journal. A bank spokesman confirmed the email.
Daniela Weber-Rey, named as deputy head of global compliance by the bank in April, will lead a team managing Procter's activities until a permanent replacement is named, a bank spokesman said.
Deutsche Bank is pursuing an ambitious restructuring plan led by co-Chief Executives Juergen Fitschen and Anshu Jain as it works through a long list of scandals, investigations and fines that came in the wake of the financial crisis.
In December, Deutsche Bank also created a new senior position to govern compliance and risk management throughout the group and named a top McKinsey consultant, Thomas Poppensieker, to fill it.
Procter joined Deutsche Bank in 2005 and, as compliance chief, reported to management board member Stephan Leithner.
Before that, Procter was head of the enforcement division at the UK Financial Services Authority and has held senior positions at the Hong Kong Securities and Futures Commission and the Australian Securities Commission, Herbert Smith Freehills said in a statement.
The law firm said it was expanding its financial services team, of which Procter will be a part.
"He is ideally placed to assist with the increasingly difficult calls facing Herbert Smith Freehills' financial services clients in the contentious and non-contentious spheres," the firm said.