Deutsche Bank AG (DBK), Europe’s largest investment bank by revenue, rejected a media report that it is looking to replace Richard Walker as general counsel.
“We are pleased that Dick Walker is our general counsel, and he enjoys the bank’s full support,” Thorsten Strauss, a spokesman for Frankfurt-based Deutsche Bank, said in an e-mailed statement today. “Media reports to the contrary are categorically false and irresponsible.”
Deutsche Bank is considering replacing Walker amid pressure from Germany’s financial regulator to address the bank’s part in rate rigging, Manager Magazin reported earlier today, without saying how it obtained the information.
Deutsche Bank was among six firms fined a record 1.7 billion euros ($2.3 billion) in December by the European Union amid a global investigation into whether banks colluded to rig benchmarks such as the London interbank offered rate. The bank still faces probes by other regulators into rate rigging as well as lawsuits that allege the bank didn’t provide clients adequate disclosure on U.S. mortgage-backed securities.
Bafin, which oversees the country’s financial institutions, regards Deutsche Bank’s response to alleged attempts by traders to manipulate benchmark interest rates to be slow and holds Walker responsible, Manager Magazin said on its website today. The monthly magazine, based in Hamburg, focuses on business news.
Sven Gebauer, a spokesman for Bonn-based Bafin, declined to comment on the report. Walker, the U.S. Securities and Exchange Commission’s former enforcement chief, has been at Deutsche Bank since 2001.
The magazine also reported that Deutsche Bank is considering potential successors to co-Chief Executive Officer Anshu Jain in the event he’s implicated in alleged attempts by traders to manipulate foreign exchange markets.
“We do not comment on unfounded speculation and gossip,” Deutsche Bank spokesman Michael Golden said in an e-mailed response to questions.
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