Bloomberg News

Deutsche Bank Said to Propose Lewis as Risk Chief

March 15, 2012

Deutsche Bank AG (DBK) plans to propose Stuart Lewis as chief risk officer after German financial regulator BaFin opposed the planned appointment of William Broeksmit, according to a person close to the supervisory board.

Lewis, who is currently the company’s deputy chief risk officer as well as head of risk for the corporate and investment bank, will be proposed to the supervisory board at a meeting today to discuss a wider management shake-up, said the person, who declined to be identified because the talks are private.

BaFin and Deutsche Bank discussed multiple candidates, and Lewis was selected based on the regulator’s criteria, the person said. Broeksmit didn’t receive unanimous support from BaFin because of concern that he lacked experience managing a large number of employees, the person said.

German magazine Der Spiegel reported BaFin’s possible rejection of Broeksmit on its website earlier. Friederike Borgmann, a spokeswoman for Frankfurt-based Deutsche Bank, declined to comment.

Deutsche Bank plans to propose three new management board members at the supervisory board meeting as designated co-Chief Executive Officers Anshu Jain and Juergen Fitschen begin to put their mark on Germany’s biggest bank, a person with knowledge of the matter said last week.

Ritchotte, Leithner

The candidates include Henry Ritchotte as chief operating officer and Stephan Leithner in charge of personnel, legal and regional management in Europe outside of Germany, the person said at the time. Broeksmit, who had been a candidate for head of risk, will remain in charge of risk portfolio optimization at the corporate and investment bank after BaFin’s rejection, with Lewis coming forward, one person said yesterday.

Chief Risk Officer Hugo Banziger, who was considered a candidate for the co-CEO role, and COO Hermann-Josef Lamberti have been asked to leave the firm, the person said last week, as Jain promotes people from his corporate and investment bank with whom he has worked closely.

Jain and Fitschen also plan to expand the group executive committee to 17 members from 12, and Michele Faissola, who oversees rates and commodities, will head a combined asset and wealth management operation, the person said.

Deutsche Bank’s new chief risk officer will focus entirely on risk management as the legal and treasury responsibilities are passed to other board members, the person said.

To contact the reporter on this story: Aaron Kirchfeld at akirchfeld@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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