Appeal could drag on for years after conviction for accounting fraud and market manipulation
Frankfurt/New York — On his third anniversary as head of Deutsche Bank’s asset and wealth management unit, Michele Faissola held a town hall meeting at which staff were asked to wear black baseball caps embroidered with No 3. Even his new boss, then-CEO John Cryan, donned one.
Faissola, who declined to comment for this story, has denied wrongdoing. His lawyer in Italy has said he and other defendants are planning to appeal.The scandals have left deep scars on Deutsche Bank, once the world’s largest financial institution by assets and foremost trader of fixed-income securities. They continue to cripple the company, which has paid almost $20bn in fines and legal costs and suffered grave damage to its reputation.
The Qataris were driving forces in Deutsche Bank’s decision to oust Cryan in 2018 and, more recently, have put pressure on chair Paul Achleitner to intensify the search for his successor, people familiar with both matters said. A relative, former Qatari prime minister Sheikh Hamad bin Jassim Al Thani, known as HBJ, owns at least another 3% through a separate company called Paramount Services.
In many ways, Faissola is the embodiment of the pre-crisis trading culture that underpinned Deutsche Bank’s rapid rise. Fresh out of college, he moved to London in 1991 and was hired four years later by the bank’s head of global markets, Edson Mitchell, the mastermind behind the German lender’s trading expansion.
Italian prosecutors alleged that Faissola’s desk designed a two-pronged trade for the Siena-based bank in 2008 whose sole purpose was to hide the losses. Faissola has rejected allegations of impropriety, saying the transactions were legitimate, approved by Deutsche Bank’s risk committee and not intended to disguise losses at Monte Paschi.
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