Investments in improving data and technology continue. Pearson and Penna left Deutsche Bank in 2009 to join Ballance Group, an asset management company that advised funds and other market participants who engaged in Cum-Ex transactions. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. For other people named Josef Ackermann, see, Video eferencing studying in Switzerland, while accepting an award for Deutsche Bank in 2011, St. Gallen Foundation for International Studies, "Was Ackermanns Ex-Medienchef ber den Topbanker weiss", "Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board", Ackermann to stay as Deutsche Bank CEO until 2013, "Deutsche Bank details duties of co-CEOs", "Siemens Appoints Board Replacement for Ackermann", "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers", "Former Chairman and CEO of Deutsche Bank Joins Macro Hive's Board", https://en.wikipedia.org/w/index.php?title=Josef_Ackermann&oldid=1121086632, Members of the Steering Committee of the Bilderberg Group, Pages using infobox person with multiple employers, Creative Commons Attribution-ShareAlike License 3.0, President of the Board of Trustees of the, Chairman of the Board of Directors of the, Bilderberg Meetings attendee 2010, 2011, 2012, 2013, 2014, This page was last edited on 10 November 2022, at 12:23. Audits reveal Deutsche Bank's links to tax trade scandal Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. For CEO Christian Sewing, whos trying to turn the tide at Germanys biggest bank after years of painful missteps, the escalation couldnt come at a more precarious time. A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. esgSubNav, Discover more about S&P Globals offerings, Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. He resides in Los Angeles, California. They are dated from 2013 to 2015 and marked "highly confidential". Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bank's efforts to repair its reputation. 60+ "Joe Penna" profiles | LinkedIn Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. In February 2017, Penna began production of his directorial debut feature film, Arctic. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role He served as chairman of the board from 2002 to 2012. Joe will play an important role in this review. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. Deutsche Bank launched its US intermediate holding company, DB USA Corporation, on July 1, 2016, under which most of its US-based operations were consolidated as required by the Dodd-Frank Act. PDF Presentation Fixed Income Call. It garnered international attention. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. See here for a complete list of exchanges and delays. Germany . For example, Deutsche Bank issued a company called Seriva with 5.8 million euros of tax certificates, allowing the firm to make claims for tax rebates. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. The practice was named after the Latin term cum/ex, meaning with/without, because the stocks were sold with and delivered without a dividend payment. We will update you on our priorities and respective changes in the organization by mid of June. Deutsche Bank said that it never participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer. It acknowledges that as a major participant in the capital markets, Deutsche Bank was involved in Cum-Ex transactions of its clients and said it is cooperating with the authorities. 100 colleges whose grads go on to earn the most - sfgate.com And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. Nummus specialized in Cum-Ex deals, and the men would have known the nature of its work because of the material they reviewed, according to the report. The mens work and Ballances role are described in detail in an indictment Cologne prosecutors filed in April against two former London bankers who worked at Ballance, according to the people. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. Results: 4934. and Others, which were renamed, dont have listed phone numbers. Our Standards: The Thomson Reuters Trust Principles. Professional. In the same year he joined the board of directors of the Deutsche Bank in Frankfurt am Main. Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. Global Head of Litigation and Regulatory Enforcement. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. Joe Ravi // Shutterstock #89. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. On this Wikipedia the language links are at the top of the page across from the article title. 100 colleges whose grads go on to earn the most [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. Joe Ravi // Shutterstock #89. Reuters received no response to two emails sent to his company. Jet-setting Georgia Penna enjoys the high life in Dubai with husband Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. That compares. He resides in Los Angeles, California. I would not accept that there was any failings on my part. The report did not implicate him further in the cum-ex scheme. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. It was reported in December 2018 that Deutsche had agreed to pay 4 million to settle an investigation by Frankfurt prosecutors into its involvement in the so-called cum-ex trades. Deutsche Bank ( CEO, 2002-2012) Bank of Cyprus ( Chairman, 2014-2019) Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. In 2010, Penna's Root Beer Mozart"l was featured on CNN's morning show Morning Express with Robin Meade and on Germany's nationally broadcast Taff show. A series of internal audits commissioned by Deutsche Bank and carried out by Freshfields looks at the bank's loans to companies that carried out this type of trade. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. I was not personally involved in any Cum-Ex activity, and I am very confident that the investigation will show no personal wrongdoing by me, Ritchie said in an email sent by the bank. German prosecutors say the schemes participants misled the government into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a tax credit, according to court documents. A Deutsche Bank spokesman said that Deutsche Bank was involved in some of its clients cum-ex transactions and that it was fully cooperating with investigators. Among key figures. DB | Deutsche Bank AG Company Profile & Executives - WSJ The Annual Report 2021 includes an overview of Deutsche Bank, the management report with the compensation report, the bank's audited consolidated financial statements, the corporate governance statement and supplementary information. One of the five documents is a summary that was handed to the prosecutors in May 2017. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . rights reserved.For more information, read our Many of you know him as a great team player across the regions and a true culture carrier. The audit dated April 16, 2015 pointed to significant failings in overseeing two traders, Simon Pearson and Joe Penna, who they say acted as middle men between the clients and the bank departments that lent money to fund the cum-ex scheme and issued tax certificates. He was a non-executive director of Vodafone from 2000 to 2002. Joe Pehar - Managing Director - Structured Finance - LinkedIn The Deutsche Bank spokesman declined to comment. [13] A year later, Penna directed and starred in yet another commercial for the two companies. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. Deutsche Bank has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. Pearson and Penna, the two Deutsche Bank traders, left to work for Ballance in 2009, when they became part owners, according to the Freshfields documents. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . Saint Joseph's University, +1 more. Joe Salama succeeds him as bank's Americas general counsel. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. As a result the AFC team has grown to over 1,600 people. Philadelphia, PA. GRAYBAR, +3 more. Deutsche also provided funding and acquired shares to help a company called Ballance carry out cum-ex deals multiple times between 2009 and 2011, the Freshfields documents say. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. It was shot in Iceland and stars Mads Mikkelsen. In 2008, Pearson was a managing director and Penna a director in Deutsche Banks London-based prime finance unit, according to an investigation the bank commissioned by Freshfields Bruckhaus Deringer LLP into its dealings with Nummus Financial GmbH. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. A Corporate Bank as hub for corporate and commercial clients. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Log in or sign up for Facebook to connect with friends, family and people you know. Even though evidence is not clear-cut, there are a lot of indications that the staff of SETG (Strategic Equities Transactions Group) and managers, who were responsible for Prime Brokerage at the SEF-IM (Structured Equity Finance - Inventory Management) trading desk, discussed the reputational risk for Deutsche Bank from its provision of finance in January 2009 and came to the conclusion that this was acceptable, one of the Freshfields audits said. May 20, 2021 at 03:29 PM. In an email to Reuters he said: I have not seen, nor have been provided with any copies of the reports you mention in your communication. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. Joe is currently based in Florida. Copyright 2023 Ministry of Information. Joe Ravi // Shutterstock Show More Show Less. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Deutsche Bank's Top Executives Embroiled in German Tax Scandal They are dated from 2013 to 2015 and marked highly confidential. Reuters also contacted his spokeswoman by email, who did not respond. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face.