Deutsche Bank executive steps aside amid Wirecard probe
Deutsche Bank’s head of accounting is reportedly stepping aside after German prosecutors launched another probe into Wirecard.
Former EY partner Andreas Loetscher who joined Deutsche two years ago is set to “temporarily” set aside.
The bank’s chief financial officer James von Moltke said Loetscher’s temporary replacement was taken “at Andreas’ request and in mutual agreement,” according to an internal memo seen by the Financial Times.
He stressed it is “neither an acknowledgment of wrongdoing by Andreas nor a change of perception on the part of the bank.”
Loetscher, who will be replaced by global head of tax Brigitte Bomm in the interim, was reportedly one of the lead auditing partners in charge of the Wirecard mandate.
Last week German prosecutors last opened an investigation into EY partners who audited the disgraced payments firm.
Wirecard collapsed after it disclosed a €1.9bn black hole in its accounts earlier this year.
Audit watchdog Apas suspects EY partners knew they were issuing a “factually inaccurate” audit for Wirecard in 2017.
The Big Four firm has been Wirecard’s auditor for over a decade and has faced increased scrutiny over its involvement in the now collapsed firm.
Deutsche Bank was contacted for comment.