FRANKFURT, March 5 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
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
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
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.
(Reporting by Thomas Atkins and Alexander Huebner; Editing by