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Deutsche Bank picks up Natixis’ Chief Risk Officer
November 21, 2021
Deutsche Bank has hired Olivier Vigneron from French rival Natixis to replace Stuart Lewis as chief risk officer, the German lender said on Sunday.
Vigneron, who held various senior risk positions at JPMorgan for more than a decade through 2019, will join JPMorgan in March next year and will become a member of the executive board through May.
The announcement follows Friday’s announcement that former Aegon boss Alex Wynaendts, a non-executive director at Citigroup, Uber and Air France-KLM, will become the new chairman of the bank in May after Paul Achleitner̵
7;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 credit derivatives trader at Goldman Sachs, followed by three years at Deutsche Bank. He joined JPMorgan in 2008 and after four years in credit derivatives trading, he moved to the risk department.
Vigneron was part of the team investigating the “London Whale” scandal in which JPMorgan suffered a $ 6.2 billion loss from “massive” trading activities. It later agreed to pay $ 920 million in fines and admitted securities law violations to U.S. and UK regulators for regulatory failure.
He was hired by Natixis at the end of 2019, who were suffering from serious deficiencies in risk management at the time. The French bank was hit by heavy losses in Asia in 2018 when so-called autocall derivatives sold to retail investors and private banking clients turned sour.
A year later, the Financial Times revealed that Natixis’s London asset management subsidiary H2O had invested more than a billion euros in investor money in illiquid bonds from Lars Windhorst, a controversial German financier. This year Natixis announced its intention to sell its majority stake in H2O.
“Olivier brings the global expertise and perspective required to assess and manage all types of risk and to maintain Deutsche Bank’s strong track record in risk management,” said CEO Christian Sewing on Sunday.
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| Christian Sewing, chief executive officer of Deutsche Bank |
Under Lewis, whose departure was announced this year as part of a major management reshuffle, Deutsche Bank avoided the major financial scandals of recent years. In March, the lender managed to liquidate its € 3.4 billion stake in Archegos without losses when the family office collapsed. In contrast, Swiss lender Credit Suisse suffered a loss of $ 5.5 billion on Archegos.
Deutsche Bank stayed away from Greensill and withdrew prematurely from a 150 million euro margin loan to Wirecard boss Markus Braun before the company imploded and had the majority of its 80 million euro loan exposure to that Company secured.
Achleitner said on Sunday that Lewis “played a crucial role in establishing top-notch risk controls for our bank and safely guided Deutsche Bank through some very challenging phases”.
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