Deutsche Bank AG’s head of Russian equities has left Germany’s largest bank amid probes into whether trades by Russian clients violated laws against money laundering, according to people with knowledge of the situation.
Tim Wiswell departed in recent weeks, said the people, who asked not to be named as the details are private. Wiswell did not respond to e-mails and phone calls seeking comment.
The bank in April said it had suspended a “small number” of people employed in its Moscow equities trading operation, pending the results of an internal review. Wiswell was one of those placed on temporary leave, Bloomberg reported at the time.
The bank said on July 30 that it had taken disciplinary action against an unspecified number of people in connection with the inquiry. It didn’t disclose the amount of money involved.
The lender’s probe has focused on whether $6 billion in trades in Moscow and London were part of a possible money-laundering scheme by Russian clients, people familiar with the situation said in June.
Deutsche Bank also is the subject of a U.S. Justice Department investigation of billions of dollars of trades on behalf of Russian clients as recently as this year, people with knowledge of the situation said in August. The so-called mirror trades may have allowed Russian clients to move funds out of the country without properly alerting authorities, a person said.
Deutsche Bank is one of the largest foreign securities firms in Russia, with a workforce of about 1,000.