Bloomberg News reports that Ford starts in January and will report to Nadine Faruque, who is joining the firm as global head of compliance from UniCredit SpA, as well as Jacques Brand, chief executive officer of Deutsche Bank North America, according to an internal memo Tuesday.
Deutsche Bank is spending $1.3 bn to improve controls and reporting systems, including adding about 500 people in the U.S., the company said in July. The lender hired Rich Shannon this year as chief information officer for the Americas to support compliance and regulatory technology initiatives.
The bank received a letter from the New York Federal Reserve last year that said errors in regulatory reports showed inadequate oversight in its U.S. operations, Bloomberg News reported in July.
Hit the link below to access the complete Reuters article: