(Bloomberg) -- Deutsche Bank AG, the German lender that has pledged to improve controls after criticism from regulators, hired Elizabeth J. Ford from Goldman Sachs Group Inc. as head of compliance for the Americas.
Ford starts in January and will report to Nadine Faruque, who is joining the firm as global head of compliance from UniCredit SpA, as well as Jacques Brand, chief executive officer of Deutsche Bank North America, according to an internal memo today. Renee Calabro, a spokeswoman for Frankfurt-based Deutsche Bank, confirmed the memos contents.
Deutsche Bank is spending 1 billion euros ($1.3 billion) to improve controls and reporting systems, including adding about 500 people in the U.S., the company said in July. The lender hired Rich Shannon this year as chief information officer for the Americas to support compliance and regulatory technology initiatives.
The bank received a letter from the New York Federal Reserve last year that said errors in regulatory reports showed inadequate oversight in its U.S. operations, Bloomberg News reported in July.
Ford is replacing Eric Gallinek, who is moving to London next year to head compliance for the banks asset and wealth- management division, according to the memo. Ford worked at New York-based Goldman Sachs for almost 25 years, rising to global head of compliance for the firms investment banking, merchant banking and executive office units, Deutsche Bank said.
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