Deutsche Bank has appointed former US Securities and Exchange Commission (SEC) enforcement director Richard Walker as general counsel of its global investment banking business.
Walker's New York-based position at the Corporate and Investment Banking Division is a new one, created in response to the restructuring of Deutsche Bank, which saw the bank's corporate investment business split from its private client and asset management activities. According to Deutsche, Walker's experience at the SEC was a crucial consideration in his selection for the role. Ten years at the regulator, where he was involved in the landmark insider trading case US O'Hagan, mean that he "probably knows more than anyone about US securities law and regulations" says the bank's chief administrative officer Tessen von Hydebreck. Deutsche listed on the New York Stock Exchange last week and Walker's SEC experience will no doubt give him insight into the new, tougher regulatory hurdles the bank will face as a listed company. The listing was intended as a foundation for further expansion in the North American market.