Deutsche Bank poached chief risk officer from Natixis

Deutsche Bank announced on Sunday that Deutsche Bank has hired Olivier Vigneron of French rival Natixis to replace Stuart Lewis as chief risk officer.

Vigneron held various senior risk positions at JPMorgan Chase for more than a decade before 2019. He will join in March next year and become a member of the executive board in May.

The announcement was announced on Friday by former Aegon CEO Alex Wynaendts, non-executive directors of Citigroup, Uber and Air France-KLM Group. will be In May, when Paul Achleitner’s second five-year term ends, he will serve as the bank’s new chairman.

Vigneron holds an engineering degree from the Ecole Polytechnique de Paris and a doctorate in economics from the University of Chicago. He started his banking career as a credit derivatives trader at Goldman Sachs in 2000 and then worked at Deutsche Bank for three years. He joined JPMorgan Chase in 2008 and worked in the credit derivatives trading department for four years before moving to the risk department.

Vigneron was a member of the team investigating the “London Whale” scandal, in which JPMorgan Chase suffered $6.2 billion in losses due to “shocking” trading activities. It later agreed to pay a fine of US$920 million and admitted to the US and UK regulators to violate securities laws due to regulatory errors.

He was hired by Natixis at the end of 2019, when the company’s risk management was seriously flawed.This French bank was Asia suffered heavy losses, When the so-called automatic collection derivatives sold to retail investors and private bank customers become foul.

Financial Times One Year Later disclose Natixis’ London-based asset management subsidiary H2O has invested more than 1 billion euros in investor funds in illiquid bonds related to the controversial German financier Lars Windhorst. Natixis announced this year that its Deliberate stripping Its majority stake in H2O.

“Olivier brings the global expertise and perspective needed to assess and manage all types of risks and maintain Deutsche Bank’s track record in risk management,” CEO Christian Sewing said on Sunday.

Under Lewis’s leadership, his departure was announced as Broader management reorganization This year, Deutsche Bank avoided major financial scandals of recent years. In March, the bank successfully lifted its 3.4 billion euro exposure to Archegos No loss With the closure of the family office. In contrast, Credit Suisse lost US$5.5 billion due to Archegos.

Deutsche Bank is far from Greensail, and Leave early A 150 million euro margin loan provided to Wirecard CEO Markus Braun before the company’s collapse, and Hedged Most of its 80 million euro loan exposure is provided to the company.

Achleitner said on Sunday that Lewis “played a vital role in establishing first-class risk control for our bank and led Deutsche Bank through some very challenging times safely.”

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