Deutsche Bank has just made a major new hire from J.P. Morgan

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Deutsche Bank may be slashing bonuses, it may be cutting 20% of underperformers in its investment bank and it still has a hiring freeze in place. And yet, for the right role it’s still signing off on new recruits.

Technology and compliance are the two areas where Deutsche Bank continues to hire, and it’s just poached a managing director from J.P. Morgan.

Robert McMillan has joined Deutsche Bank as a managing director and global head of intelligence. He comes from J.P. Morgan where he was global head of sanctions compliance for the corporate and investment bank.

McMillan has a background in regulatory risk and compliance, but also has experience in financial crime compliance. He joins Deutsche Bank at a time of upheaval in the compliance team.

Earlier this month, Peter Hazlewood, the global head of Deutsche Bank’s anti-crime unit, left after just six months in the job. Deutsche is still recruiting compliance staff, but Hazlewood reportedly left after the bank rejected his request to hire an additional 600 employees for the financial crimes division. The bank approved 400 additional people.

Sylvie Matherat, Deutsche Bank’s recently installed chief regulatory officer, said previously that the bank was aiming for long-term solutions to the compliance issues that have continued to dog the bank and cost it billions in fines.

Deutsche ended 2016 with around 2,200 people in compliance and anti-crime – a 60% uplift in 2014.


Photo: Getty Images

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