IFR Magazine – June 08, 2019

0EOPLE

-ARKETS

Deutsche’s US regulatory

chief jumps to Wells Fargo

DEUTSCHE BANKSûCHIEFûOPERATINGûOFlCERûINûTHEû
!MERICAS ûKate Clifford-Toomey,ûHASûLEFTûTOûJOINû
53ûBANKûWELLS FARGOûASûITSûCHIEFûOPERATINGû
OFlCERûFORûCORPORATEûRISK
4HEûDEPARTUREûCOMESûATûAûCRITICALûTIMEûFORû
THEû'ERMANûBANKSû53ûUNITû4HEû&EDERALû
2ESERVEûISûDUEûTOûRELEASEûTHEûRESULTSûOFûITSû
STRESSûTESTSûONûMAJORûBANKSûINûITSûJURISDICTIONû
ONûUNEû ûANDûTHEREûISûSCRUTINYûONûWHETHERû
$EUTSCHEûHASûlXEDûPASTûPROBLEMSû2ESULTSûOFû
THEûRELATEDûCAPITALûANALYSISûAREûDUEûOUTûONû
UNEû
,ASTûYEARû$EUTSCHEûFAILEDûTHEû
QUALITATIVEûPARTûOFûTHEûTESTûFORûAûTHIRDû
TIMEû4HEûPREVIOUSûTWOûTIMESûINûûANDû
ûWEREûBEFOREûTHEûBANKûSETûUPûAû
DEDICATEDû53ûSUBSIDIARY û$"û53! ûWHICHû
HASû53BNûOFûASSETS
4HEû&EDûSAIDûLASTûYEARûITûOBJECTEDûTOû$"û
53!SûCAPITALûPLANûhBECAUSEûOFûWIDESPREADû
ANDûCRITICALûDElCIENCIESûACROSSûTHEûlRMSû
CAPITALûPLANNINGûPRACTICESv

)TûSAIDûMATERIALûWEAKNESSESûWEREû

IDENTIlEDûINûDATAûCAPABILITIESûANDûCONTROLSû

SUPPORTINGûTHEûBANKSûCAPITALûPLANNINGû

PROCESSûASûWELLûASûHOWûITûFORECASTûREVENUESû

ANDûLOSSESûFROMûKEYûBUSINESSESûANDû

EXPOSURES

4HISûYEARû53ûBANKSûHAVEûBEENûEXCUSEDû

THEûQUALITATIVEûASPECTûOFûTHEûSTRESSûTESTSûBYû

THEû&EDû"UTû$EUTSCHEûANDûOTHERûFOREIGNû

BANKSûHAVEûNOT

TROUBLED PAIR

#LIFFORD

4OOMEYûWASûALSOûHEADûOFû!MERICASû

REGULATORYûTRANSFORMATIONûATû$EUTSCHEû

INDICATINGûSHEûWASûRESPONSIBLEûFORûENSURINGû

NECESSARYûCHANGESûWEREûMADEûTOûSATISFYûTHEû

&ED

4HEûBANKûWASûTHEûONLYûONEûOFûûTOûFAILûTHEû

QUALITATIVEûPARTûOFûTHEûTESTSûLASTûYEARû)Tû

PASSEDûTHEûQUANTITATIVEûASPECT

#LIFFORD

4OOMEYûHADûBEENûINûHERûCURRENTû

ROLEûSINCEû-ARCHûûACCORDINGûTOûHERû

,INKED)NûPROlLEû"EFOREûTHATûSHEûWASûAû

MANAGINGûDIRECTORûINûCORPORATEûBANKINGûANDû

SECURITIESûFORûTHREEûYEARS

3HEûJOINEDû$EUTSCHEûFROMû"ANKûOFû

!MERICAû-ERRILLû,YNCHûWHEREûSHEûWORKEDû

FORûNINEûYEARS

3HEûWILLûSTARTûATû7ELLSû&ARGOûONû3EPTEMBERû

ûANDûWILLûREPORTûTOûCHIEFûRISKûOFlCERû-ANDYû

.ORTON

4HEû53ûBANKûWHICHûHASûENDUREDûITSûOWNû

REGULATORYûFAILINGSûINûRECENTûYEARSûSAIDû

#LIFFORD

4OOMEYûWOULDûBEûRESPONSIBLEûFORû

hCOORDINATINGûRISKûOPERATIONSûBUSINESSû

ARCHITECTUREûANDûSTRATEGY

RELATEDûEFFORTSû

ACROSSûCORPORATEûRISKûFUNCTIONSv

)NûûTHEûBANKûWASûREVEALEDûTOûHAVEû

OPENEDûMILLIONSûOFûUNAUTHORISEDûACCOUNTSû

4HEûSCANDALûFORCEDûOUTûCHIEFûEXECUTIVEû*OHNû

3TUMPFûINû/CTOBERûûANDûHISûREPLACEMENTû

4IMû3LOANûSTEPPEDûDOWNûTHISû-ARCH

.OûREPLACEMENTûFORû#LIFFORD

4OOMEYûATû$"û

53!ûHASûBEENûANNOUNCEDû4OMû0ATRICKûHASû

BEENûCHIEFûEXECUTIVEûOFûTHEûUNITûSINCEû

!UGUSTû

$EUTSCHEûDIDûNOTûRESPONDûTOûAûREQUESTûFORû

COMMENT

Christopher Spink

JPM promotes Bindel as part of tech IB push

JP MORGANûHASûPROMOTEDûXavier BindelûTOûCO
HEADûITSûTECHNOLOGYûINVESTMENTûBANKINGû
TEAMûINû%UROPE û-IDDLEû%ASTûANDû!FRICA û
WHICHûTHEû53ûBANKûSAIDûREmECTSûPLANSûFORû
FURTHERûEXPANSIONûOFûITSûTECHûBUSINESS
"INDELûWASûPREVIOUSLYûHEADûOFûINVESTMENTû
BANKINGûFORû&RANCEû(EûWILLûCO
HEADûTHEû
%-%!ûTECHNOLOGYûTEAMûALONGSIDEû-ATTHEWû
'EHL ûWHOûHASûLEDûTHEûTEAMûSINCEûJOININGû0û
-ORGANûTWOûYEARSûAGOûFROMû$EUTSCHEû"ANKû
4ECHNOLOGYûISûNOWûAûSTANDALONEûGROUPûATû0û
-ORGAN ûRATHERûTHANûAûSUBSETûOFû4-4
"INDELûANDû'EHLûREPORTûTOû#ONORû(ILLERYû
ANDû'UILLERMOû"AYGUAL ûCO
HEADSûOFûTHEû

%-%!ûINDUSTRIESûCOVERAGEûGROUPûACCORDINGû

TOûAûMEMOûSENTûTOûSTAFFûSEENûBYû)&2

h8AVIERSûAPPOINTMENTûREmECTSûOURû

COMMITMENTûTOûSUBSTANTIALLYûINVESTûINûTHISû

RAPIDLYûGROWINGûSECTORvûTHEûMEMOûSAID

"INDELûHASûBEENûATû*0û-ORGANûSINCEûû

INCLUDINGûlVEûYEARSûINûTHEû53ûTECHû-!û

TEAMûINû3ANû&RANCISCOûTHREEûYEARSûINû4-4û

INVESTMENTûBANKINGûINû,ONDONûANDûMOREû

RECENTLYûINû&RANCEû(EûWILLûCONTINUEûTOûCOVERû

SOMEûTECHûCLIENTSûINû&RANCE

"ANKSûAREûPUTTINGûINCREASINGûRESOURCESû

INTOûTHEûTECHNOLOGYûSECTORûASûTHEYûTRYûTOûWINû

BUSINESSûFROMûINTERNETûANDûOTHERûTECHû

LISTINGSûANDûDEALSûANDûASûTECHNOLOGYû

INCREASINGLYûIMPACTSûONûOTHERûINDUSTRIESû

4HATûHASûSEENûMANYûlRMSûHIREûMOREû

AGGRESSIVELYûFORûTHEIRûTECHûTEAMSûINûTHEûPASTû

FEWûYEARSûnûMAINLYûINûTHEû53ûBUTûALSOûINû

%UROPE

-ORGANû3TANLEYû'OLDMANû3ACHSûANDû*0û

-ORGANûAREûTHEûLEADINGûTECHNOLOGYûBANKSû

BUTûRIVALSûHAVEûALSOûADDEDûBANKERS

*0û-ORGANûSAIDûAFTERû"INDELSûMOVEû

Augustin d’AngervilleûWILLûBECOMEûHEADûOFû

CORPORATEûlNANCEûINû&RANCEûREPORTINGûTOû

4ANGUYû0IRET

Steve Slater

Are your colleagues as

well-informed as you?

If there are other people in your team, department or company who you think would benefit from the

authoritative and independent content that IFR offers, you should know that considerable discounts are

available to companies with multiple subscriptions.

To discuss your requirements, please contact your local IFR representative:

EMEA: +44 (0)20 7542 45 69, [email protected]

Americas: +1 (646) 223 5543, [email protected]

Asia-Pacific and Japan: +852 291 26606, [email protected]