Summary: Deutsche Bank, in the midst of their largest legal bills, will have two new general counsels by the beginning of next year.
Add Deutsche Bank to the list of banks with a change in general counsel. Richard Walker has asked to retire as general counsel by the end of the year. Simon Dodds and Christof von Drylander, both deputy general counsels for the past two years, will take his place. Walker will remain on the executive committee and become a senior adviser in the role of vice chairman.
Deutsche Bank has the highest legal bills in all of Europe right now. They have been paying fines in the billions of dollars for their wrongdoings. They have also been settling with clients that were treated unfairly.
Bank of America Corp. and JPMorgan Chase & Co. have also announced a change in general counsel in the past month. Stephen Cutler at JPMorgan will also become a vice chairman instead of general counsel. Stacey Friedman will take his place. Gary Lynch at Bank of America will be doing the same thing.
All three men, Cutler, Lynch, and Walker, worked earlier in their careers in the enforcement at the U.S. Securities and Exchange Commission. They then moved to working with their banks by negotiating regulations and prosecutions before the financial crisis of 2008.
Deutsche Bank recently agreed to pay $2.5 billion to settle investigations by the U.S. and U.K.
Source: https://bol.bna.com/yet-another-bank-general-counsel-to-step-down/
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