Fifth Third Fires Top Legal Officer, Citing Conflict of Interest

Fifth Third Bancorp in Cincinnati has fired its chief legal officer over what it describes as a conflict of interest.

Heather Russell Koenig, who oversaw government affairs and legal matters, was let go from the company on July 21, according to a Fifth Third spokesman. The company has begun a search for her replacement, he said.

During her 10-month tenure with the company, Koenig reported directly to Greg Carmichael, the company's chief executive officer. She previously worked at Bank of New York Mellon, where she was in charge of public policy matters.

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"A personal matter has been brought to our attention that Fifth Third believes represents a conflict of interest. To resolve this, we have determined that the best course of action was a separation," the company said in an emailed statement, which also praised her work at the company.

No additional details were provided about the nature of the conflict. News of Koenig's departure was reported earlier Monday by The Wall Street Journal.

The departure comes at a rocky time for Fifth Third. The company was hit this month with a downgrade to its Community Reinvestment Act rating, which could restrict its dealmaking ambitions.

It is also under pressure to cut costs, which have climbed higher over the past due to major investments in technology and compliance.

Fifth Third is scheduled to report its second-quarter results on Thursday.

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