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Deutsche Bank’s Financial Crimes Cop Quits
Peter Hazlewood, Deutsche Bank‘s Chief AML Officer, will step down after only 6 months, apparently in a disagreement over staffing levels for his group. Hazlewood resigned after the bank last month cut back ambitious plans to almost double the unit’s staffing.
Hazlewood’s AML crime unit had roughly 780 employees at the end of 2016 - up from about 600 one year earlier. He had sought to add another 600 this year, but the bank only approved about 400 new hires. The abrupt move highlights the difficulties for CEO John Cryan, who’s trying to both cut costs and avoid more legal battles,
Hazlewood’s is a blessing in disguise for some top DB executives, who were unhappy with his management style. Hazlewood, who previously worked at JPMorgan and HSBC, currently reports to Deutsche Bank’s CRO, Sylvie Matherat.
Hazlewood’s departure comes at a time when the bank is still being probed by U.S. and U.K. regulators over whether it failed to catch transactions that may have moved billions of dollars out of Russia. Cryan says the bank acted properly in the transactions in question.