Deutsche Bank Names Philippe Vollot Anti-Financial Crime COOby
Deutsche Bank AG, the German lender hit by record U.S. and U.K. fines, appointed Philippe Vollot as global chief operating officer for compliance, anti-financial crime and government and regulatory affairs.
Vollot , 48, was previously global head of regulatory relationships and coordination, the Frankfurt-based bank said in a statement. His new position was created after Sylvie Matherat, former global head of government and regulatory affairs, was promoted to Deutsche Bank’s management board as chief regulatory officer last month, spokesman Armin Niedermeier said by phone. Vollot started his new job on Tuesday.
Deutsche Bank co-Chief Executive Officer John Cryan is seeking to restore the confidence of investors and regulators in Germany’s largest bank, which has been battered by scandals, including the manipulation of benchmark interest rates that resulted in April’s record fine. Cryan has been cutting jobs and costs to help bolster profit after joining Juergen Fitschen as co-CEO in July.
Deutsche Bank is facing renewed scrutiny amid a money-laundering probe in Russia. Last week, the Frankfurt-based bank said it’s reviewing its procedures for bringing on new customers and that it will scale back business in "high-risk" locations such as Russia, where the company said in September it would close its investment-banking business.