Thursday, March 6, 2014

Deutsche Bank Head of Compliance, Regulatory Affairs Resigns

To: "V.K.Durham"
Sent: Wednesday, March 5, 2014 2:19:30 PM
Subject: Fwd: WALL STREET JOURNAL: DEUTCHE BANK HEAD OF COMPLIANCE & REGULATORY AFFAIRS RESIGNS
fyi


Deutsche Bank Head of Compliance, Regulatory Affairs Resigns

Andrew Procter to Join Law Firm Herbert Smith Freehills as Partner

March 5, 2014 12:43 p.m. ET
LONDON— Deutsche Bank AG 's global compliance and regulatory-affairs chief, Andrew Procter, has resigned from the bank to join law firm Herbert Smith Freehills LLP as partner, starting in June.
Mr. Procter is leaving Deutsche Bank as it faces a wide range of regulatory challenges in Europe, the U.K. and the U.S.
A person familiar with the matter said Mr. Procter was approached by Herbert Smith Freehills in late 2013 and that his departure is unrelated to Deutsche Bank's current legal and regulatory issues.
"Andrew has been a highly valued colleague for nine years, and we wish him well in his new role which begins in June after a transition period," a Deutsche Bank spokesman said.
The bank hasn't chosen a replacement, the person said.
Mr. Procter joined Deutsche Bank in 2005 and held the title of global head of compliance and government and regulatory affairs. From 2001 to 2005, he was enforcement chief at the U.K. Financial Services Authority.
Deutsche Bank in an internal email to employees said Mr. Procter "made a decision to return to legal practice" and praised his work at the bank. The memo, which was confirmed by a bank spokesman, was signed by Stephan Leithner, chief executive officer of Europe except Germany and the U.K., and a member of the management board.
"I would like to express my personal gratitude for the wise counsel and insight that Andrew has provided to me and to the Bank over nine years across the portfolio of his responsibilities," Mr. Leithner said in his email. "He leaves a strong and committed function with an experienced senior team."
The memo said the bank's chief governance officer and deputy global compliance chief, Daniela Weber-Rey, will work with regional compliance heads during the transition related to Mr. Procter's departure.
Mr. Procter will be based in London, a Herbert Smith Freehills spokeswoman said. He will join its global financial-services regulatory practice.
"With his technical expertise and strategic judgment, he is ideally placed to assist with the increasingly difficult calls facing Herbert Smith Freehills' financial services clients in the contentious and non-contentious spheres," the law firm said in a news release.
Write to Jenny Strasburg at jenny.strasburg@wsj.com and David Enrich at david.enrich@wsj.com
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