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Deutsche Bank has hired Olivier Vigneron from French rival Natixis to replace Stuart Lewis as a dangerous, German lender who announced on Sunday.
Vigneron, who for more than a decade until 2019 worked on various dangerous projects at JPMorgan, will start in March next year and become a member of the executive committee by May.
The announcement follows Friday’s announcement that former Aegon boss Alex Wynaendts, who is not a senior at Citigroup, Uber and Air France-KLM, is designed to be a new bank chair in May when Paul Achleitner’s second five-year term expires.
Vigneron, who holds an engineering degree from Ecole Polytechnique in Paris and a PhD in economics from the University of Chicago, began his banking career in 2000 as a loan dealer at Goldman Sachs, followed by three years at Deutsche Bank. He joined JPMorgan in 2008, moving to a risk department four years later at a credit bureau.
Vigneron was part of a team that investigated the “London Whale” scam in which JPMorgan lost $ 6.2bn due to “bad” sales. It later agreed to pay $ 920m in penalties and agreed to violate security regulations for US and UK authorities for failing to monitor.
He was hired in late 2019 by Natixis, which at the time had major weaknesses in risk management. The French bank was hit in 2018 by great loss in Asia, when the so-called autocall coupons were sold to retailers and private bank customers it became sour.
Next year Financial Times revealed that the London-based Natixis asset management company H2O has invested more than € 1bn in investors in illegal bonds linked to Lars Windhorst, a German fundraiser. Natixis this year announced its launch the purpose of escape a major component in H2O.
“Olivier brings world-class expertise and ideas to test and manage all forms of risk and maintain Deutsche Bank’s strong track record in risk management,” CEO Christian Sewing said Sunday.
Under Lewis, whose departure was announced as part of a larger maintenance management this year, Deutsche Bank avoided the worst financial ills in recent years. In March, the lender managed to release € 3.4bn from Archegos without loss when the family office collapsed. In contrast, Swiss Credit Suisse lender lost $ 5.5bn from Archegos.
Deutsche Bank stayed away from Greensill, and he left quickly from a € 150m loan to Wirecard CEO Markus Braun before the company was established, and he had a wall more on his € 80m debt to the company.
Achleitner on Sunday said Lewis “has played a key role in establishing the best possible risk management strategies for our bank and leading Deutsche Bank safely through difficult times”.
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