Deutsche Bank executives are dropping like flies. Just days after receiving a clean bill of health from Europe’s oh-so-stressful stress-tests, Deutsche Bank has decided that longtime finance chief Stefan Krause needs to be replaced. Perhaps most interesting is the bank that faces ‘serious financial reporting problems’ in the US and has a derivatives book literally the size of (actually 20 times bigger) than Germany, has decided the right man for the job is an ex-Goldman Sachs partner. Marcus Schenck, according to WSJ, will replace Krause, having worked at German utility E.ON until last year when he joined Goldman.
Deutsche Bank AG is replacing its longtime finance chief, Stefan Krause , with a Goldman Sachs Group Inc. partner, Marcus Schenck, according to people familiar with the matter.
Mr. Krause, who has faced criticism from investors over his financial leadership of the giant German bank, will take a newly created position within Deutsche Bank, one person said.
From 2006 through 2013, Mr. Schenck was finance chief of German utility E.ON AG . He joined Goldman Sachs last year.
Mr. Krause, who joined Deutsche Bank from BMW AG in 2008, presided over Deutsche Bank’s finances during a tumultuous period.
An examination by the Federal Reserve Bank of New York last year found that the bank’s giant U.S. operations suffer from a variety of serious financial-reporting problems that the lender has been aware of for years but hasn’t fixed, according to documents reviewed by The Wall Street Journal.
Mr. Krause led a companywide effort to improve the quality of its financial reporting, a project the New York Fed criticized as inadequate, the Journal reported.
* * *
Krause wasn’t at Goldman long… having left E.ON in July 2013…
E.ON SE’s long-standing CFO, Marcus Schenck, has informed the Chairman of the Supervisory Board that he does not wish to have his employment contract extended.
“It wasn’t an easy step to take after 7 years as CFO of E.ON. I have not decided against E.ON but rather in favor of Goldman Sachs. The chance to return to the Investment Banking Division in London as a partner with Goldman Sachs and take over the management of Investment Banking Services for the EMEA region offers a great opportunity to work with major international clients.“
Marcus Schenck will join Goldman Sachs as a member of the Investment Banking Division’s Global Operating Committee.
* * *
We wonder if this had anything to do with Schenck’s replacement?
via Zero Hedge http://ift.tt/1wJaqGp Tyler Durden