Hello and welcome to the Fides Weekly Update. Take a look at this week’s key trends, moves and developments in legal and compliance.
Tweet us @Fides_Search to let us know your thoughts.
1. Deutsche bolsters financial crime operations
Deutsche Bank continues to defend itself from further regulatory fines and settlements as they move to implement a new anti-fraud, bribery and corruption team to its ranks.
As reported in Legal Business this week, the bank is said to be implementing a new team of four anti-fraud, bribery and corruption professionals, with at least one at director level, to sit under regional head of anti-financial crime Thomas Altenbach. The team is expected to sit separately from the legal function and likely to be made up of legal and compliance individuals, given the past composition of AB&C teams at Deutsche.
This news comes after Deutsche announced plans to introduce 400 positions worldwide in anti-financial crime. The German bank has paid over $9 billion in fines and settlements globally since 2008 and most recently agreed to a $7.2bn settlement with the US Department of Justice for the mis-selling of residential mortgage securities, suggesting that Deutsche might be bulking out its anti-financial crime function to protect it from further regulatory scrutiny.
A further statement was released declaring that “Deutsche Bank has significantly strengthened its systems and controls. By the end of the year we will have hired approximately 1,000 additional staff in compliance and anti-financial crime since 2015”.
Whilst Deutsche Bank undergoes changes in back office functions, it was also reported today that it is in the process of housing all electronic trading from across a range of asset classes under one head. It aims to mirror the operations of its fellow US banks and ensure its electronic trading capabilities remain competitive in the etrading market.
The bank is currently reviewing its global legal panel, led by global chief operating officer of legal and compliance Rose Battaglia, with the final roster expected to be announced soon.
Movers & Shakers of the week
Finance partner Sean Lacey is the latest to make the move to the US firm
Chadbourne & Parke Moscow managing partner Andrei Baev has joined Reed Smith’s London office
Paul Hastings partner Mounir Letayf and counsel Adeline Roboam have joined K&L Gates in Paris
Office Openings & Closings
Mergers & Alliances