FRANKFURT (Reuters) – Deutsche Bank has appointed a Barclays executive to oversee compliance at Germany’s largest lender, according to an internal memo circulated on Tuesday and seen by Reuters.
Deutsche for years has been under the watchful eye of regulators for compliance lapses that include money laundering, and last year, Germany’s banking regulator told Deutsche it would face fines if it did not meet specific measures to improve safeguards.
Laura Padovani, who was also previously with American Express and Aviva, will join Deutsche in April, after holding a similar role at Barclays, according to the memo signed by board member Stefan Simon.
“She has extensive experience dealing with regulators and evolving regulatory frameworks,” he wrote.
Her predecessor at Deutsche, Pascal Tagné, will relocate to Singapore to oversee compliance for Asia Pacific and for the corporate bank.
Handelsblatt first reported the change.
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(Reporting by Tom Sims and Marta Orosz; Editing by Susan Fenton)