Tuesday, December 7, 2021

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    Deutsche Bank announces Natixis chief risk officer

    Deutsche Bank has hired Olivier Vigneron as chief risk officer from French rival Natixis to replace Stuart Lewis, a German lender announced on Sunday.

    Bigneron, who has played a variety of senior risk roles at JP Morgan for over 10 years until 2019, will start in March next year and will be a member of the board of directors by May.

    This announcement follows what Aegon’s former CEO Alex Weinentz, Citigroup, Uber, Air France-KLM’s non-executive director, announced on Friday. Is set to Paul Achleitner’s new chairman of the bank in May, ending his second five-year term.

    Vigneron, with a degree in engineering from the Ecole Polytechnique in Paris and a doctorate in economics from the University of Chicago, began banking as a credit derivative trader at Goldman Sachs in 2000 and then worked for the German Bank for three years. bottom. He joined JP Morgan in 2008 and moved to the Risk Department after working at the Credit Derivatives Trading Desk for four years.

    Bigneron was part of a team investigating the “London Whale” scandal, where JP Morgan suffered a loss of $ 6.2 billion from “malicious” trading activities. He then agreed to pay a fine of $ 920 million and admitted to US and UK regulators a violation of securities law for the failure to monitor.

    He was hired by Natixis in late 2019. Natixis was suffering from the serious drawbacks of risk management at the time.Bank of France in 2018 Big loss in Asia, When so-called autocall derivatives sold to individual investors or private banking clients become sour.

    Financial Times a year later clearly Natixis’ London-based asset management subsidiary, H2O, has invested more than € 1 billion in illiquid bonds associated with the controversial German lender Larswindhorst. Natixis this year Intention to sell A majority stake in H2O.

    “Olivier provides the global expertise and perspective needed to assess and manage all risk types and maintain a strong track record in Deutsche Bank’s risk management,” said Christian Sewing, Chief Executive Officer. Said on Sunday.

    Under Lewis, its departure was announced as part of Broader management remodeling This year, Deutsche Bank has evaded major financial scandals in recent years. In March, lenders were able to eliminate their € 3.4 billion exposure to Arquegos. No loss Because the family office has collapsed. In contrast, Swiss lender Credit Suisse suffered a loss of $ 5.5 billion from Arquegos.

    Deutsche Bank stays away from Greensill, Withdrew early From a € 150 million margin loan to Wirecard CEO Markus Braun before the company collapsed, and Was hedging Most of the € 80 million loan exposure to the company.

    Achleitner said on Sunday that Lewis “played an important role in establishing best-in-class risk management for our banks and safely piloted Deutsche Bank in some very difficult times.” ..

    Deutsche Bank announces Natixis chief risk officer

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    The post Deutsche Bank announces Natixis chief risk officer appeared first on Eminetra.

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