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 Procter, global head of compliance, government and regulatory
affairs at Deutsche Bank, was one of several names singled out by
Bafin in a report leaked in January, which called into question the
bank's attempts at a "cultural transformation".
In the report, the regulator said that Deutsche Bank had failed to
draw the necessary consequences with senior personnel following an
interest rate manipulation scandal.
Deutsche Bank said in an internal email that Procter was returning
to practice law at his own wish, according to the Wall Street
Journal. A bank spokesman confirmed the email.
Daniela Weber-Rey, named as deputy head of global compliance by the
bank in April, will lead a team managing Procter's activities until
a permanent replacement is named, a bank spokesman said.
Deutsche Bank is pursuing an ambitious restructuring plan led by
co-Chief Executives Juergen Fitschen and Anshu Jain as it works
through a long list of scandals, investigations and fines that came
in the wake of the financial crisis.
In December, Deutsche Bank also created a new senior position to
govern compliance and risk management throughout the group and named
a top McKinsey consultant, Thomas Poppensieker, to fill it.
Procter joined Deutsche Bank in 2005 and, as compliance chief,
reported to management board member Stephan Leithner.
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Before that, Procter was head of the enforcement division at the UK
Financial Services Authority and has held senior positions at the
Hong Kong Securities and Futures Commission and the Australian
Securities Commission, Herbert Smith Freehills said in a statement.
The law firm said it was expanding its financial services team, of
which Procter will be a part.
"He is ideally placed to assist with the increasingly difficult
calls facing Herbert Smith Freehills' financial services clients in
the contentious and non-contentious spheres," the firm said.
(Reporting by Thomas Atkins and
Alexander Huebner; editing by Jonathan Oatis)
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