Germany's Largest Bank Names Group Head Of Compliance In Restructure Of Roles

Tom Burroughes

6 August 2014

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Her appointment comes as part of a restructure after the former global head of compliance and government and regulatory affairs, Andrew Procter, left the bank in June. While Faruque takes the mantle of global head of compliance, the latter role was filled by Sylvia Matherat, who became a global head of government and regulatory affairs on 1 August.

In her role, Faruque will, like Matherat, be a member of the bank’s group executive committee which performs advisory, coordinating, performance-monitoring and decision-preparing functions for the management board. She reports to Stephan Leithner, member of the management board whose functional responsibilities include compliance.

She moves from UniCredit, where she had overall responsibility for the legal and compliance coverage for retail banking, private banking, asset management and corporate and investment banking. Before joining UniCredit in 2008, she worked in senior positions at Merrill Lynch.

Among recent moves, Deutsche Asset and Wealth Management, part of the Frankfurt-headquartered group, has announced plans to add 300 professionals to its UK ranks over the next five years as it gains its own separate regional status within the firm’s organisational structure - previously it fell under the EMEA arm. It also announced that it was making a raft of hires in its American division across its private banking, equity and lending and institutional businesses.

In early July it was reported that Deutsche Bank and Commerzbank have started settlement talks with US authorities over dealings with countries blacklisted by the US. The report, by Reuters, quoted an unnamed source; both banks declined to comment.