Deutsche Bank has hired the former president of the Clearing House Association to take charge of its stress testing process.
Paul Saltzman, who left his position at the Clearing House Association in late March, will become Deustche's new vice chairman and executive sponsor of the bank's comprehensive review requirements set forth by the Federal Reserve Board.
The German bank has been under increased regulatory scrutiny for several years and agreed to pay $2.5 billion in fines for rigging its short-term interbank interest rates late last month. Saltzman will oversee implementation of U.S. stress tests, including the Federal Reserve Board's Comprehensive Capital Analysis and Review, which the bank failed this year. In this capacity he'll report directly to Jacques Brand, Deutsche Bank's North American chief executive, as well as Marcus Schenck, the chief financial officer of Deutsche Bank's parent company.
"Paul's leadership skills, deep knowledge of the US regulatory environment, and highly relevant experience at The Clearing House will enhance our robust global effort to succeed within the dynamic regulatory environment," Schenck said in a release.
Before joining Deutsche Bank Saltzman served as executive vice president and general counsel to the Clearing House Payments Company contemporaneously with his role as Clearing House Association president. Prior to that Saltzman was general counsel for the Ellington Management Group, and chief operating officer of eSpeed, a company that provided a specialized platform for trading U.S. Treasury securities which Nasdaq bought in 2013.
Saltzman begins in his new position May 18.