[10], Media related to Josef Ackermann at Wikimedia Commons. Joe Salama succeeds him as bank's Americas general counsel. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. Attempts to reach Penna were unsuccessful. Some Ballance units were dissolved. Deutsche Bank. Editing by Peter Graff, US Justice Dept warns of steeper penalties for firms that fall foul of messaging policies, Analysis: US Republicans aim to stymie gun sale codes at state level, Factbox: A look at proposed US state laws to curb new gun merchant code, Biden administration announces plan to stop water plant hacks, American Airlines, flight attendants union seek mediation in contract negotiations, Media report that UAE considering leaving OPEC not true - sources, Private equity firms lend less as demand cools, Nissan and Mexican workers agree to 9% raise at Morelos plant, union says, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. The bank granted the new client a credit rating, and as part of its prime brokerage arrangement, provided 15- to 20-fold leverage on the funds capital of 32.7 million euros, the report said. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. The Deutsche Bank spokesman declined to comment on Seriva. content Stephan and his team has developed, and commenced implementation of, the banks AFC Strategy to address the foundational requirements for robust financial crime risk management. Jnatas "Joe" de Moura Penna (born May 29, 1987) is a Brazilian musician and filmmaker best known from both his YouTube channel MysteryGuitarMan and his feature films. Joe is currently based in Florida. In order to get their plan, however, Deutsche Bank had to give money to companies with which to do the transactions in question, in return for them to obtain tax preferences. The documents, seen by Reuters, suggest that Deutsche traders discussed the associated reputational risk and concluded that it was acceptable, although they add that the evidence is "not clear-cut.". [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 A spokesman for Freshfields declined to answer any questions for this story. All quotes delayed a minimum of 15 minutes. [16][17], In 2012, Penna co-wrote and directed an original interactive thriller series titled Meridian starring Orlando Jones and Rick Overton in conjunction with Fourth Wall Studios. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. In an email to Reuters he said: I have not seen, nor have been provided with any copies of the reports you mention in your communication. Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. The mens work and Ballances role are described in detail in an indictment Cologne prosecutors filed in April against two former London bankers who worked at Ballance, according to the people. As a result the AFC team has grown to over 1,600 people. Rating(s), 5 Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. He also chairs the Legal Diversity and Inclusion Council. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. Carson has since left Deutsche Bank. A Deutsche Bank executive is suing a son and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . They are dated from 2013 to 2015 and marked highly confidential. The audits were prepared by Freshfields in Germany and London. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Karin Matussek and Donal Griffin, Bloomberg News, Josef Ackermann, former chief executive officer of Deutsche Bank AG, looks on before addressing the Sueddeutsche Zeitung Economic Summit in Berlin, Germany, on Thursday, Nov. 17, 2016. investing. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. The audit dated April 16, 2015 pointed to significant failings in overseeing two traders, Simon Pearson and Joe Penna, who they say acted as middle men between the clients and the bank departments that lent money to fund the cum-ex scheme and issued tax certificates. We will continue to strengthen our controls and increase collaboration within the AFC function as well as our collaboration with the business lines and the tech organization. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance -- so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. Results: 4934. Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. It has not been a good couple of months for Deutsche Bank. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Log In. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. After studying economics and social Sciences at the University of St. Gallen in Switzerland,[3] he continued his time there as a research assistant at the Department of Economics and went on to receive a doctorate in the subject. Deutsche Bank's Joseph Salama was critical in negotiating settlements with global regulators on the bank's behalf, the bank's chief administrative officer said. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. Deutsche Bank launched its US intermediate holding company, DB USA Corporation, on July 1, 2016, under which most of its US-based operations were consolidated as required by the Dodd-Frank Act. Some Deutsche Bank AG managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a "cum-ex" share trading scheme, Reuters reported Jan. 4, citing an audit by Freshfields. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. Joe has been with the bank for more than 10 years and currently serves as Global Head of Litigation & Regulatory Enforcement and General Counsel for the Americas. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. 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Deutsche Bank said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. Deutsche made at least 18 million. The Deutsche Bank spokesman declined to comment. research and events with special focus on electronic trading, banking, and FRANKFURT, Jan 27 (Reuters) - Deutsche Bank delivered its most profitable year in a decade on the back of a dealmaking bonanza, strengthening Chief Executive Christian Sewing's hand as he. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Find other Joe Pennas on Spoke Contact Telephone Email Background Report Public Records powered by Digital Info Resume EDIT CAREER Deutsche Bank EDIT EDUCATION Blogs By Industry Voices Achievements and Recognition May 20, 2021 at 03:29 PM. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. The change will be effective as of July 1st to ensure a smooth transition. Reuters could not find any remaining parts of Ballance. Salama has been with the bank for more than ten years and currently serves as global head of litigation and regulatory enforcement, as well as general counsel for the Americas. articles a month for anyone to read, even non-subscribers! Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. Seriva obtained withholding tax certificates from DB Frankfurt, the report said, adding later: Employees of DB London knew that no withholding taxes had been levied.. YouTube. He resides in Los Angeles, California. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Penna did not respond to a letter requesting comment sent to his home in London. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. In November 2014 he was elected as chairman of the board of directors of the Bank of Cyprus following the proposal of the new major shareholder of the bank Wilbur Ross, who later became the Commerce Secretary in the Trump Administration. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. Joe Penna, the husband of Irish model Georgia Salpa, has been caught up in a share-trading scandal that may have cost German taxpayers billions of euro. . That criticism about oversight is leveled at management generally but it does briefly single out one individual. The authorities say the scheme, called cum-ex and involving several other global banks, cost the state 5.6 billion euros in rebates that should not have been paid. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. Prosecutors have been conducting a criminal probe into some of the biggest names in European and U.S. finance, looking at the roles played by banks, law firms and others. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . Even though evidence is not clear-cut, there are a lot of indications that the staff of SETG (Strategic Equities Transactions Group) and managers, who were responsible for Prime Brokerage at the SEF-IM (Structured Equity Finance - Inventory Management) trading desk, discussed the reputational risk for Deutsche Bank from its provision of finance in January 2009 and came to the conclusion that this was acceptable, one of the Freshfields audits said. AI in banking and business what can it do and who stands to gain? Will greater investment in water resources make for a more sustainable future? Are sustainable cities a solution to climate change? Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Joe has been with the bank for more than 10 years and currently serves as Global Head of Litigation & Regulatory Enforcement and General Counsel for the Americas. Reuters received no response to two emails sent to his company. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Ballance controlled several entities which have been disbanded or renamed, according to filings with the Britains financial regulator, the Financial Services Authority, seen by Reuters. NEW YORK, May 18 (Reuters) - Deutsche Bank (DBKGn.DE) has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. or. Global Head of Litigation and Regulatory Enforcement. We will update you on our priorities and respective changes in the organization by mid of June. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. German authorities say that dozens of banks and brokerages in London and other global financial hubs helped investors siphon off billions of euros from the national treasury with the transactions over the course of a decade. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge.