Michael Ilgner, Deutsche Bank‘s head of human resources, had bought bonds from his employer shortly before the publication of the quarterly balance sheet. This is against the bank’s rules. The institute is investigating the matter.
Ilgner is facing sanctions after buying securities. He had bought bonds from his employer worth 201,000 euros – on April 18 of this year and thus, one week before the publication of the quarterly figures of the institution. This is stated in a corresponding notification dated April 25.
In doing so, he is likely to have violated the internal guidelines of the institute. Deutsche Bank’s rules prohibit high-ranking managers from trading in the bank’s securities eight weeks before the figures are presented. A person familiar with the matter said there was no evidence that Ilgner had acted maliciously.
Deutsche Bank has clear rules and controls for personal securities transactions by its employees, it said. “Possible violations of these rules are consistently reviewed and sanctioned if necessary. Regardless of hierarchies, we take these principles very seriously, including in this case,” the bank said. The matter is being examined “holistically”, and, if necessary, “appropriate consequences will be drawn.”
However, Ilgner’s insider mishap poses a potential reputational problem for the bank. The institute is said to have already let Asoka Wöhrmann, the head of the asset management subsidiary DWS, fired last year, get away with several strange transactions without any consequences. For example, the purchase of a Porsche that a business partner of the bank had arranged. Or the use of private e-mails in a professional context.
The former head of Deutsche Sporthilfe, Ilgner, is considered a confidant of CEO Christian Sewing. Sewing had lured Ilgner to Deutsche Bank in 2020, intending to make him a board member sooner or later.
However, the banking regulator Bafin is said to have denied him the promotion due to a lack of the necessary experience in the banking business. Since the recent reorganization of the Management Board, Ilgner no longer reports to Sewing but to Rebecca Short, who will also be responsible for human resources on the Management Board in the future.