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Yet Another Bank General Counsel to Step Down

Aug. 10, 2015, 1:37 PM

Deutsche Bank AG, the bank with the highest legal bills in continental Europe, said Richard Walker will retire as general counsel at the end of the year at his own request.

Walker will be succeeded by Simon Dodds and Christof von Dryander, deputy general counsels since 2013, Deutsche Bank said Friday in an e-mailed response to questions.

Walker led Deutsche Bank’s legal department when the company and other banks paid billions of dollars in fines for misconduct and settlements with clients who said they were unfairly treated. The firm is the third global bank in the past month to signal a change in general counsel, joining JPMorgan Chase & Co. and Bank of America Corp.

He will become a senior adviser to the bank in the role of vice chairman and remain on its group executive committee, according to the company.

Last month, JPMorgan said Stephen Cutler will become a vice chairman and give up his role as general counsel early next year. Stacey Friedman, currently general counsel of the corporate and investment bank at JPMorgan, has been named as his successor.

Bank of America’s Gary Lynch will step down as general counsel and become a vice chairman, a person with knowledge of the plans said last month.

Walker, Cutler and Lynch each oversaw enforcement at the U.S. Securities and Exchange Commission earlier in their careers before helping their banks negotiate with regulators and prosecutors in the wake of the 2008 financial crisis.

Deutsche Bank agreed in April to pay $2.5 billion in penalties to settle U.S. and U.K. investigations into its role in rigging interbank offered rates. The bank’s foot-dragging and evasions increased the fine it paid to the U.K. regulator, the London-based Financial Conduct Authority said in April.

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