Deutsche appoints new head of operational risk

Deutsche Bank has internally appointed Christian Sewing as global head of operational risk management (ORM), replacing Fred Peemoeller.

Sewing, who joined Deutsche in 1989, will report to Hugo Banziger, and his tasks will include the implementation of the Basel II agreements for the bank's ORM operations.

“Christian's appointment comes at an important and challenging time for operational risk management," said Banziger.

Sewing worked most recently as chief credit officer for Japan, where he was responsible for all the bank's Japanese counterparty risk, for two years, and has previously worked within Deutsche's corporate finance division in Toronto.

Peemoeller has retired after 27 years' service with the bank.