Back in July, John Cryan went and found a fella that he could trust to strap on some spurs and a tin star, grab hisself a rifle and keep the good people safe while putting the bad actors six feet under.
Peter Hazlewood was unveiled as Deutsche Bank's in-house sheriff about six months ago, named as global head of anti-financial crime and group money-laundering reporting officer, a/k/a The most Teutonically self-explanatory job title ever. Hazlewood was going to be the guy to keep Deutsche from engaging in LIBOR manipulation, dealing in toxic securities or falling back on real old habits like creating abusive tax shelters. He was going to be a law and order guy, a bulwark against bad behavior who would allow Cryan to sleep at all easier at night.
Alas, like most things Deutsche, the reign of Sheriff Hazlewood has not worked out very well.
Deutsche Bank AG’s head of its global anti-financial crime unit plans to leave that position after just six months at the bank, to be replaced as soon as next week, according to a person familiar with the matter.
But was ist das deal here? Did Hazlewood realize that being Sheriff of Deutsche was like trying to bring law and order to Tombstone, or was he less Andy Griffith and more Barney Fife?
Mr. Hazlewood didn’t respond immediately to requests for comment. His planned departure was earlier reported by Germany’s Manager Magazin, which cited tensions between Mr. Hazlewood and other executives.
Deutsche Bank executives plan to name a replacement as soon as next week, pending management approval of an internal candidate who’s likely to take the position, the person briefed on internal discussions said.
So, unclear. But six months is a very short tenure considering that the gig hardly seems "project-based" and would in fact appear to be the kind that Deutsche would like to fill on a long-term basis. Where there any signs that Hazlewood might not have been an ideal hire to oversee the prevention of crime and money laundering at a major European bank?
Mr. Hazlewood, whose official title is global head of anti-financial crime and group money-laundering reporting officer, previously worked at HSBC Holdings and Standard Chartered PLC.