• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Finance

Deutsche Bank’s Anti-Money Laundering Head Just Quit After 6 Months

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
January 4, 2017, 10:08 AM ET
Deutsche Bank AG Headquarters And Branches As Profit Slumps 94%
A logo sits on display outside a branch of Deutsche Bank AG in Frankfurt, Germany, on Tuesday, Oct. 29, 2013. Deutsche Bank AG, Europe's largest investment bank by revenue, said third-quarter profit slid 94 percent after it set aside 1.2 billion euros ($1.65 billion) to cover expected legal costs and income from debt trading fell.Photograph by Ralph Orlowski—Bloomberg via Getty Images
Add Fortune on Google for similar content.

It seems Deutsche Bank isn’t out of the woods quite yet.

Germany’s largest bank could have been forgiven for thinking it had turned a corner at the end of 2016: Its share price rocketed after it settled the Department of Justice’s claims against it for mis-selling mortgage-backed securities for a mere $7.2 billion, rather than the $14 billion the DoJ had initially sought.

In addition, the election of its long-time customer Donald Trump as President had had a doubly welcome effect. Not only did the whole sector profit from hopes for faster growth and higher interest rates (and thus bigger lending volumes at better margins) under the new administration, but the expectation of a lighter regulatory regime also disproportionately benefited a bank that has had more regulatory and supervisory issues than most in recent years.

 

However, there was an unpleasant reminder Wednesday that the bank still has unfinished business. According to Germany’s Manager Magazin, the bank’s British ‘Global Head of Anti-Financial Crime’, Peter Hazlewood, is quitting after only six months, apparently to take another job inside the bank. This comes at a time when U.S. and British authorities are still investigating over $10 billion in trades by the bank’s Moscow office over years, which officials suspect were aimed at getting round U.S. sanctions and other money-laundering regulations. The Moscow “mirror trades” accounted for most of the $1.2 billion in fresh litigation provisions that the bank made in the third quarter of last year.

According to Der Spiegel, Hazlewood’s appointment was frowned upon by the German regulator BaFin because he wasn’t German, and only accepted his appointment on condition that he learn the language (Pamela Root, Deutsche’s head of compliance, and Sylvie Matherat, the board member that both Root and Hazlewood report to, are also non-Germans). Der Spiegel also cited unnamed sources as saying that relations between Hazlewood and Matherat had been strained, and that Hazlewood had wanted the bank’s burgeoning compliance team to be more assertive within the bank.

A spokeswoman for BaFin declined to comment. A spokesman for Deutsche Bank didn’t want to be drawn on the details of the story but pointed out that the bank will increase staffing in the anti-financial crime unit by over 50% this year – one of few departments to escape sharp reductions in headcount as CEO John Cryan tries to cut the bank’s cost base.

UPDATE: This story has been updated to include comment from Deutsche.

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Chad Hurley and Steven Chen wearing suits
SuccessWealth
YouTube’s founders split over $650 million when they sold to Google in 2006—had they held out, they could have taken a slice of $550 billion
By Preston ForeJuly 3, 2026
4 hours ago
Photo: Paris, france
Environmentclimate change
Brutal heatwave in France is killing 2,000 people per week, undertakers are overwhelmed, and health agency says there’s worse to come
By John Leicester and The Associated PressJuly 3, 2026
4 hours ago
Photo: World Cup fans drinking.
EconomyEconomics
On Wall Street, analysts increasingly don’t believe the U.S. government’s ‘misleading’ job numbers
By Jim EdwardsJuly 3, 2026
7 hours ago
U.S. President Donald Trump talks to reporters after signing an executive order dealing with automobile repairs with Environmental Protection Agency Administrator Lee Zeldin in the Oval Office at the White House on June 29, 2026 in Washington, DC.
EconomyFed
Trump is already causing a headache for his new Fed chairman, saying the central bank’s board is ‘hostile’ and ‘doing the wrong thing’
By Eleanor PringleJuly 3, 2026
8 hours ago
A $75 billion valuation, 75 million global customers and on its way to America—Revolut is London’s disruptor extraordinaire
EuropeLetter from London
A $75 billion valuation, 75 million global customers and on its way to America—Revolut is London’s disruptor extraordinaire
By Kamal AhmedJuly 3, 2026
8 hours ago
Man in a black hat and jacket
InvestingSpace Exploration
Elon Musk can’t sell a single SpaceX share for a year—and then all the locks crack open at once
By Amanda GerutJuly 3, 2026
9 hours ago

Most Popular

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
1 day ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
12 hours ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
1 day ago
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
Economy
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
By Jim EdwardsJuly 3, 2026
7 hours ago
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
Success
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
By Sasha RogelbergJuly 2, 2026
1 day ago
Current price of oil as of July 2, 2026
Personal Finance
Current price of oil as of July 2, 2026
By Joseph HostetlerJuly 2, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.