Reshuffle at Deutsche as legal costs hit profits

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Deutsche Bank replaced its finance and legal chief after reporting a net loss of 92.€ for the third quarter of 2014 due to mounting legal costs.

The institution has set aside almost €900m after being named as one of the banks facing accusations of manipulating currency markets and doing business with countries facing US sanctions.

The bank, which is Germany’s biggest lender, revealed the challenges days after it had received confirmation to pass the ECB comprehensive assessment.

Deutsche also announced a number of changes to its leadership. Among others, it announced that Mark Schenck will take over the position as finance chief from Stefan Krause.

Schenck joins Deutsche from  Goldman Sachs, where he was most recently managing director, prior to that, he was finance chief for energy giant EON AG.

Deutsche has also announced that Christian Sewing , currently in charge of internal auditing, will become a member of its board as of 2015 in order to take on the responsibility for legal issues.

Henry Ritchotte,remains chief operating officer but will also take on responsibility for Deutsche;s om;me and mobile offerings.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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