3/31/2021 Deutsche Bank Reorganizes Risk Management and Compliance Functions - WSJ

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RISK & COMPLIANCE JOURNAL

Deutsche Bank Reorganizes Risk Management and

Compliance Functions
The move comes as chief risk of icer Stuart Lewis prepares to leave the bank

Deutsche Bank headquarters in Frankfurt. The bank announced broad changes to its management
structure as it prepares for the departures of its chief risk of icer and chief operating of icer.
PHOTO: THOMAS LOHNES GETTY IMAGES

By Dylan Tokar
March 30, 2021 7 42 pm ET

Listen to this article

2 minutes

Deutsche Bank AG is restructuring its compliance function as its longtime chief risk
officer prepares to depart after 25 years at the German lender.

Stuart Lewis, who joined Deutsche Bank in 1996, has announced his plan to leave the bank
by the annual general meeting in May of next year, Deutsche Bank Chief Executive
Christian Sewing said in a statement Monday.

Deutsche Bank will restructure its chief risk office to create a seamless transition, Mr.
Sewing said, transferring responsibility for the compliance and anti-financial crime

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3/31/2021 Deutsche Bank Reorganizes Risk Management and Compliance Functions - WSJ

functions to its chief administrative officer, Stefan Simon.

The changes will allow the bank to consolidate functions that require coordinated
dialogue with regulators, he said.

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“We have invested a great deal in our controls over the past few years and have made
significant progress under Stuart’s leadership,” Mr. Sewing said. “We know that we must
continue to invest and improve further—and Stefan’s job will be to do just that.”

Mr. Sewing has been working to restore the lender’s reputation with regulators. In
January, the company agreed to pay $130 million to settle bribery and commodity-trading
scheme allegations. The settlement was the latest in a series of large fines Deutsche Bank
has paid in the U.S. and U.K., including over weaknesses in its anti-money-laundering
procedures.

Deutsche Bank on Monday also said Mr. Sewing would receive a new contract running
until April 2026 and that the lender would undertake a broader reorganization of its
management board. Mr. Sewing’s responsibility for the investment and corporate banking
divisions will be transferred to Fabrizio Campelli, Deutsche Bank’s chief transformation
officer.

Chief Operating Officer Frank Kuhnke is also expected to leave Deutsche Bank as part of
the leadership shuffle. After his departure, the chief operating office will no longer be a
separate management board function, and areas within its purview will be split between
other board members, Deutsche Bank said.

Write to Dylan Tokar at dylan.tokar@wsj.com

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3/31/2021 Deutsche Bank Reorganizes Risk Management and Compliance Functions - WSJ

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