November 7, 2017 / 12:28 PM / 16 days ago

Deutsche promotes Drinhausen to head legal team

LONDON, Nov 7 (IFR) - Deutsche Bank has promoted its governance chief Florian Drinhausen to head its legal team as general counsel next year, replacing two co-heads of the department who are leaving the German bank.

Deutsche said on Tuesday co-general counsels Christof von Dryander and Simon Dodds will leave at the end of this year and the end of March, respectively. Drinhausen will take on von Dryander’s responsibilities from January 1, and will become sole general counsel from April.

Deutsche said Drinhausen will remain responsible for the bank’s governance structures around the world.

Deutsche has faced a number of major legal challenges and battles in recent years. It reached a US$7.2bn settlement in December with the US Department of Justice over the sale of toxic residential mortgage securities between 2006 and 2007, and earlier this year agreed to pay US$627m to US and UK regulators for breaching anti-money laundering laws when moving US$10bn out of Russia for clients between 2011 and 2015.

It is still facing scrutiny over a number of issues, including foreign exchange trading, benchmark interest rates, precious metals trading, SSA bond trading, equity trades made by Russian clients and the bank’s hiring practices.

Drinhausen joined Deutsche in 2014 as general counsel for Europe, the Middle East and Africa and took over the global governance function in 2016. He was previously a partner at law firm Linklaters for almost 10 years.

”He is an excellent lawyer and a very experienced manager, who is very familiar with the bank and the challenges we are facing,” said Karl von Rohr, Deutsche’s management board member for legal and labour.

Dryander and Dodds were appointed co-general counsel two years ago. Dryander was a banking and capital markets legal expert who joined Deutsche in 2013 and Dodds has been with the bank since 1999. (Reporting by Steve Slater)

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