Laura Padovani to join Deutsche Bank’s Management Board as Chief Compliance and AFC Officer
New mandate combines responsibilities for Compliance and Anti-Financial Crime to further evolve the bank’s control environment
Stefan Simon to focus on his responsibilities for the Americas and Legal & Group Governance
Deutsche Bank’s (XETRA: DBKGn.DB / NYSE: DB) Supervisory Board appointed Laura Padovani as Chief Compliance and AFC Officer, the bank said today. She will be responsible for Compliance and Anti-Financial Crime (AFC) and will also become a member of the Management Board, effective July 1.
Padovani succeeds Stefan Simon in his responsibility for Compliance and AFC. Her appointment will facilitate further steps to evolve and strengthen the bank’s control environment. Following significant progress made in recent years under Simon’s leadership, more day-to-day controls are being re-integrated into the processes of businesses, an approach Padovani has significant experience with. This will enable control functions to focus on monitoring and challenging the business units while further improving the resilience of the bank’s controls. In doing so, the bank is setting up its control framework in line with industry best practice.
Stefan Simon will focus on his critical role as Management Board member responsible for the Americas region while also retaining his responsibility for Legal & Group Governance.
“Laura Padovani has already made important contributions to strengthening our control environment since joining Deutsche Bank 14 months ago,” said Alexander Wynaendts, Chairman of Deutsche Bank’s Supervisory Board. “Now is the right time for her to assume responsibility for key control functions at the Management Board level.”
“I would like to thank Stefan Simon for laying the solid foundations of structural improvements to our Compliance and AFC functions over the past years and attracting strong talent to the bank,” Wynaendts continued. “The new set up now allows him, in addition to his responsibility for the Legal function, to further develop the Americas, which is a strategic core market and major growth region for the bank.”
Christian Sewing, Chief Executive Officer, added: “Laura Padovani’s focused mandate and her comprehensive experience in developing control processes will enable a better integration of day-to-day control tasks within the business units, while ensuring that our control functions can focus on further improving our overall framework. In doing so, we are implementing a best-practice approach and setting up our control environment for the long run.”
Padovani joined Deutsche Bank in April 2023 as Chief Compliance Officer after holding management positions with responsibilities for Compliance and AFC in several major financial institutions. Prior to Deutsche Bank, she spent seven years at Barclays, most recently as Group Chief Compliance Officer, following responsibilities for operational compliance processes for businesses including retail and investment banking. Before that, she spent 20 years at American Express.
“I would like to thank the Supervisory Board for the trust it has placed in me, it is an honour to join the Management Board of Deutsche Bank,” Padovani said. “I look forward to working more closely with my colleagues on the Management Board to further evolve our control environment, building on the significant progress we made in recent years.”
As part of Padovani’s leadership team, Nita Patel is joining Deutsche Bank as Head of AFC and Group Anti-Money Laundering Officer, effective September 1. Patel brings more than 25 years of experience in Compliance and AFC functions of leading financial institutions including Goldman Sachs, Nomura, and Bear Stearns. Most recently she was the Chief Compliance Officer and a Member of the Group Executive Board of Credit Suisse.
Padovani’s successor in her previous role as Chief Compliance Officer will be Graham Kent, currently Head of Compliance for the Private Bank as well as the EMEA region and Head of Business Selection & Conflicts Office. Kent has been with Deutsche Bank for almost 20 years, working in various senior positions, first in Legal, then in Compliance functions for several areas of the bank including investment banking and the UKI region.
“Nita Patel is one of the most renowned Compliance and AFC experts across the industry”, Padovani said. “We are very happy that she is joining Deutsche Bank to further help evolve our control environment. Graham Kent also brings a wealth of experience in control functions and institutional knowledge about Deutsche Bank. I’m looking forward to working with both of them in a strong leadership team for Compliance and AFC.”
Both Padovani and Patel will be based in Frankfurt, while Kent will continue to be based in London.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
Forward-looking statements
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.
Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission.
Such factors are described in detail in our SEC Form 20-F of 14 March 2024 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
Home
Deutsche Bank’s (XETRA: DBKGn.DB / NYSE: DB) Supervisory Board appointed Laura Padovani as Chief Compliance and AFC Officer, the bank said today. She will be responsible for Compliance and Anti-Financial Crime (AFC) and will also become a member of the Management Board, effective July 1.
Padovani succeeds Stefan Simon in his responsibility for Compliance and AFC. Her appointment will facilitate further steps to evolve and strengthen the bank’s control environment. Following significant progress made in recent years under Simon’s leadership, more day-to-day controls are being re-integrated into the processes of businesses, an approach Padovani has significant experience with. This will enable control functions to focus on monitoring and challenging the business units while further improving the resilience of the bank’s controls. In doing so, the bank is setting up its control framework in line with industry best practice.
Stefan Simon will focus on his critical role as Management Board member responsible for the Americas region while also retaining his responsibility for Legal & Group Governance.
“Laura Padovani has already made important contributions to strengthening our control environment since joining Deutsche Bank 14 months ago,” said Alexander Wynaendts, Chairman of Deutsche Bank’s Supervisory Board. “Now is the right time for her to assume responsibility for key control functions at the Management Board level.”
“I would like to thank Stefan Simon for laying the solid foundations of structural improvements to our Compliance and AFC functions over the past years and attracting strong talent to the bank,” Wynaendts continued. “The new set up now allows him, in addition to his responsibility for the Legal function, to further develop the Americas, which is a strategic core market and major growth region for the bank.”
Christian Sewing, Chief Executive Officer, added: “Laura Padovani’s focused mandate and her comprehensive experience in developing control processes will enable a better integration of day-to-day control tasks within the business units, while ensuring that our control functions can focus on further improving our overall framework. In doing so, we are implementing a best-practice approach and setting up our control environment for the long run.”
Padovani joined Deutsche Bank in April 2023 as Chief Compliance Officer after holding management positions with responsibilities for Compliance and AFC in several major financial institutions. Prior to Deutsche Bank, she spent seven years at Barclays, most recently as Group Chief Compliance Officer, following responsibilities for operational compliance processes for businesses including retail and investment banking. Before that, she spent 20 years at American Express.
“I would like to thank the Supervisory Board for the trust it has placed in me, it is an honour to join the Management Board of Deutsche Bank,” Padovani said. “I look forward to working more closely with my colleagues on the Management Board to further evolve our control environment, building on the significant progress we made in recent years.”
As part of Padovani’s leadership team, Nita Patel is joining Deutsche Bank as Head of AFC and Group Anti-Money Laundering Officer, effective September 1. Patel brings more than 25 years of experience in Compliance and AFC functions of leading financial institutions including Goldman Sachs, Nomura, and Bear Stearns. Most recently she was the Chief Compliance Officer and a Member of the Group Executive Board of Credit Suisse.
Padovani’s successor in her previous role as Chief Compliance Officer will be Graham Kent, currently Head of Compliance for the Private Bank as well as the EMEA region and Head of Business Selection & Conflicts Office. Kent has been with Deutsche Bank for almost 20 years, working in various senior positions, first in Legal, then in Compliance functions for several areas of the bank including investment banking and the UKI region.
“Nita Patel is one of the most renowned Compliance and AFC experts across the industry”, Padovani said. “We are very happy that she is joining Deutsche Bank to further help evolve our control environment. Graham Kent also brings a wealth of experience in control functions and institutional knowledge about Deutsche Bank. I’m looking forward to working with both of them in a strong leadership team for Compliance and AFC.”
Both Padovani and Patel will be based in Frankfurt, while Kent will continue to be based in London.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
Forward-looking statements
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.
Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission.
Such factors are described in detail in our SEC Form 20-F of 14 March 2024 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
Further links on the topic
Management Board
How helpful was this article?
Click on the stars to send a rating