In the Suicide Banker series I wrote about Deutsche Bank’s Wealth Management office and its chief Michele Faissola and some of the problems associated with the division.
Faissola was the common thread between the three dead bankers.
Well on Wednesday the German bank announced new management for the team that manages high net worth individuals and it gives us a hint at how troubled the office really is.
The bank named Saleha Bilal, who is currently head of compliance for the bank’s UK wealth management arm, according to a memo from the bank.
The fact that a compliance officer is taking over the wealth management division says that the bigger problem is legal and not growing assets of the bank.
Lindsay Nicholls-Smith, who currently overseas wealth management is moving to a global role related to anti-money laundering, according to the memo.
Deutsche Bank had been hit by a series of market manipulation scandals in foreign exchange and Libor, a money laundering failure in Russia as well as a series of tougher capital regulations that ate away at investment banking profits.
The bank posted a record €6.8 billion loss for 2015 – its first annual loss since 2008 – from legal charges and a reassessment of asset prices.