Deutsche Bank Compliance Chief Procter to LeaveNicholas Comfort
Deutsche Bank AG’s compliance chief, Andrew Procter, will leave for law firm Herbert Smith Freehills LLP as the company grapples with regulatory probes and lawsuits.
Procter, who was also Deutsche Bank’s head of government and regulatory affairs, will join the law firm’s financial services regulatory practice as a partner in June, London-based Herbert Smith Freehills said in a statement on its website yesterday.
Procter, 52, will work at Deutsche Bank with deputy compliance chief Daniela Weber-Rey and regional compliance heads during a transitional period, the bank said in an e-mail to staff. Regina Schueller, a spokeswoman for the Frankfurt-based company, confirmed the contents of the memo by phone today.
Deutsche Bank, Europe’s biggest investment bank by revenue, had more than 2.5 billion euros ($3.43 billion) of legal costs last year and still faces investigations into whether it rigged benchmark interest rates as well as litigation related to the sale of securities without proper disclosure.
Procter led the U.K. Financial Services Authority’s enforcement division from 2001 to 2005, before joining Deutsche Bank, the law firm said in the statement.
Deutsche Bank is hiring about 100 compliance staff to improve controls and meet regulatory requirements, co-Chief Executive Officer Anshu Jain told analysts on a conference call in January.