Deutsche Bank's Top "Crime Fighter" Quits After Only Six Months At The Job

Tyler Durden's picture

It will probably not come as a big surprise that the head of Deutsche Bank’s global anti-financial crime unit, a post also known as the bank's top "crime fighter", plans to leave that position after just six months at the bank, and will be replaced as soon as next week, Germany's Manager Magazin first reported.

Peter Hazlewood, who joined Deutsche Bank to oversee anticrime compliance as recently as July 2016, could stay at the German lender in a different position, but that hasn’t been determined, the WSJ reports

Considering the ongoing barrage of civil and criminal accusations lobbed relentless at the German lender, which over the past few years has been accused of manipulating and rigging virtually every market, culminating with the recent RMBS settlements with the DOJ which briefly sent its stock price to all time lows amid concerns of bank failure in late 2016, it is perhaps more surprising that he lasted as long as he did.

The job includes overseeing controls to prevent money laundering and assuring compliance with other financial laws and regulations. The anti-financial crime chief reports to Sylvie Matherat, Deutsche Bank’s Chief Regulatory Officer and a member of the management board.

It was not immediately clear what the reason was behind the accelerated transition.

The WSJ added that Deutsche Bank execs plan to name a replacement as soon as next week, pending management approval of an internal candidate who’s likely to take the position.

Hazlewood, whose official title is global head of anti-financial crime and group money-laundering reporting officer, previously worked at JPMorgan, as well as HSBC Holdings and Standard Chartered PLC, two other banks embroiled in allegations of global impropriety.

Deutsche Bank has faced a series of legal and regulatory hurdles including improving its policing of trades and controls to avoid violations of sanctions and money laundering. After a high-level management shake-up in 2015, which included the appointment of John Cryan as chief executive and a near-complete makeover of the management ranks, senior executives have focused in part on overhauling compliance, seeking to end a series of legal missteps that have cost Deutsche Bank billions of dollars.

Cryan is trying to resolve the bank’s remaining legal battles, following last year's $7.2 billion settlement with the U.S. over its role in the sale of mortgage securities in the run-up to the 2008 financial crisis. Deutsche Bank is still being probed by U.S. and U.K. authorities over whether it failed to catch transactions that may have moved billions of dollars out of Russia from 2012 to 2015, Bloomberg added.

After settling the U.S. case last month, Cryan said in a memo to staff that an internal investigation by the bank had found “no indication of a breach of sanctions” in Russia. The probe did detect “deficiencies” in the bank’s systems and controls that were being addressed, according to the memo.

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DownWithYogaPants's picture

Wish we could wire up some of these bankers with stress cortisol monitors.  

Let me venture a guess?  Too many opportunities to investigate.....overtime budget not big enough.

BaBaBouy's picture

He Seen Too Much Sewage In De Svampe ???

Ghost of Porky's picture

I can spot a reptilian when I see one. Just look at the eyes.

auricle's picture

LIBOR rigging to precious metals rigging. What isn't fraudulent and illegal about German banks. Finding crime at DB is like shooting fish in a barrel. The position was never meant to prevent anything. The position is either some regulatory requirement, or some good faith effort by their internal governance group with zero authority to investigate top brass and zero budget to do so. After awhile a do nothing job gets boring and it's time to move on. 

Totally_Disillusioned's picture

Probably missed or underperformed in monitoring/reporting suspicious activities...

fockewulf190's picture

More like he couldn´t handle the truth.

gimli's picture

das ist alles

Bearwagon's picture

And don't let the door hit you, or the white horse you rode in under

boattrash's picture

He was there long enough to commit his crimes. Why stick around?

halcyon's picture

He didn't want to be suicided. Just check what happened to NATO auditor trying to crack on terrorist funding (Yves Chandelon).

 

Nomad Trader's picture

He sure looks like a financial criminal.. err I mean financial crime fighter.

Swamp Yankee's picture

Did he have too much to do or not enough?

 

Mmmm beer.

A. Boaty's picture

Cryan me a river over DB.

silverer's picture

I know why he left. Because he was paid for a job he wasn't expected to do, and he felt a moral obligation not to take that paycheck. Believe it or not, there are still a few people out there like that. Either that, or the threats started rolling in.

Cow's picture

Why do people lean to the right in photos?  Is there head heavy?

I Write Code's picture

Filled up his bag that quickly, good man.

Jimmy Twinkle's picture

The nail gun must have jammed

itstippy's picture

Top crime fighters don't stick around after their job is done.  They ain't administrators, after all.  The Texas Rangers, Navy Seals, and such go into a chaotic situation, eliminate the bad guys, restore Law & Order, and move on to the next crisis.

This guy rode into town and cleaned up the cesspool of corruption at Deutsche Bank within six months.  Now he's off to Washington to drain the swamp there.  Bad guys beware - crime doesn't pay!

spanish inquisition's picture

Briliant resume builder. "Turned in the company I worked for, let me work for you!"

Calculus99's picture

Perhaps he found Douche Bank so clean it only needed 6 months work.

Bam_Man's picture

Er hat schon genug gesehen. Tschüs!

(He already has seen enough. Bye-bye!)

Calculus99's picture

Remember what Meyer Lansky said when a friend gave him a tour of the NY Stock Exchange floor - I joined the wrong mob. 

Too true. 

No different to the prescription drug makers, they show how to sell drugs properly versus the street thugs.

And what happens to the street thugs, 20+ years in the slammer for most of them.

What happens to the CEOs of the drug firms - dinner with Presidents...

Racer's picture

He saw too much criminal activity and wanted to do his job properly but was way too scared to do it

Herdee's picture

They turned RAT on the other banks including Canada's Prime Minister Trudeau's sweetheart bank Bank of Nova Scotia.They're tied up in manipulating the Gold markets. Trudeau had previously wined and dined NeoCon Hillary Clinton and got his "pay to play" idea from her at $1500 bucks a shot.

CaptainMoonlight's picture

The drop of anti-bacterial soap they plopped into the pile of shit didn't work? Wow, amazing.

 

JustPrintMoreDuh's picture

Perhaps he is fond of breathing

TheABaum's picture

I imagine that job needs Seal Team Six, not a suit.

----_-'s picture
----_- (not verified) Jan 4, 2017 12:22 PM

(((hazlewood))) "deutsche bank"

 

"deutsche bank" should be called JUDEN BANK

 

Theophilus Carter's picture

anti-financial crime?  sounds like he was chasing after law abiding Germans to me...people put hyphens in to sound more important.

JackMeOff's picture

The Soros conglomert didn't need him anymore, so he was expendable.

Clowns on Acid's picture

This kind of thing happened to Lehman Bros with Risk managers ...about 2 years before KaBOOM ! I believe that Lehman had 3 or 4 different risk managers over a 2 year period before Lehman was Lowman.

Yes We Can. But Lets Not.'s picture

What a ghastly job, the kind of position that makes people want to kill you, and you want to kill yourself.

rosiescenario's picture

Perhaps Eric Holder could fill the position? Oops, he was just hired by California.....well, Lowrenta is available?

 

What DB is seeking is a lawyer who wears blinders 24/7. Besides Lowrenta, there should be any number of former DOJ lawyers that could fill the bill quite nicely.

Satan's picture

Poor fucker. No one would sit next to him in the DB canteen...plus he never got to wear a cool crime fighting outfit...

 

olebugger's picture

He would have to investigate the top 75 execs at that crime-laden bank. Tough sell on his part to put cuffs on his own bosses. No wonder he quit -- or was made to quit after he wanted to investigate his own paymasters.

tuetenueggel's picture

 as always: rats are abandoning the sinking ship.

CRM114's picture

OK, from outside the industry, there appear to be three explanations:

A. He was hired to cover everything up, and failed.

B. He was hired to be the fall guy, unwittingly, and has just worked that out.

C. He was hired to be the fall guy, knowingly, and will now take his payoff whilst the can gets kicked further down the road.

 

Anyone in the industry care to tell me which?

gregga777's picture

The entire banking system is built upon a criminal business model.  It's hilariously funny that they actually have an anti-crime executive position.  ROTFLMAO!!!