- Tanna said to have been left without a role in wake of probe
- Deutsche shut securities unit in Russia after scandal emerged
Deutsche Bank AG’s Raj Tanna, chief operating officer for Russia, has left after the German lender shut its local securities unit in the wake of a probe into alleged money laundering, according to two people with knowledge of the situation.
Tanna was part of a team conducting an inquiry, known as Project Square, into the so-called mirror trades at the bank’s Russian unit, according to one of the people, who asked not to be identified because they were not authorized to speak on the matter. The Frankfurt-based lender has since curtailed operations in Moscow and shut its local securities unit.
Deutsche Bank has seen a series of departures of Moscow-based executives amid a money laundering probe by regulators in London and New York over suspicious transactions that moved as much as $10 billion out of the country between 2012 and 2014. Pavel Teplukhin, who heads Russian operations, will step down in August as the bank scales back its local business.
A spokesman at Deutsche Bank in London declined to comment. Tanna didn’t answer calls to his mobile.
Deutsche Bank Chief Executive Officer John Cryan is seeking to resolve investigations into major legal issues this year. As part of its probe, the lender identified as much as $4 billion in suspicious transactions related to its Russian operations, in addition to $6 billion in mirror trades, in which clients bought shares in Russia and simultaneously sold similar shares abroad in foreign currency, people familiar with the matter have said.