Christian Sewing

Complex transactions involving Italian banks, notably linked to the Monte dei Paschi case, led to prosecutions in Italy against former Deutsche Bank employees. Sewing, then responsible for risk and later internal audit, had participated in approving a comparable transaction and subsequently supervised audits. After several former employees were definitively acquitted, civil actions alleged that the bank had unfairly singled them out and that Sewing's role created a conflict of interest.

In January 2026, prosecutors searched Deutsche Bank as part of a money laundering investigation concerning transactions between 2013 and 2018 and the late reporting of suspicions. Media reports indicated that companies linked to Roman Abramovich were among the matters examined. The affair immediately overshadowed the bank's presentation of record results.

Attribution

Institutional responsibility

Migration of Postbank systems to Deutsche Bank's platform caused serious failures: blocked accounts, processing delays, difficulties with account seizures and a sharp increase in customer complaints. BaFin publicly criticised the bank and appointed a special representative. Variable remuneration for executives, including Sewing, was affected.

State of the evidence

Documented

Attribution

Direct responsibility

Deutsche Bank provided banking services to Jeffrey Epstein from 2013 to 2018. In 2020, New York's regulator imposed a 150-million-dollar penalty on the bank, notably for shortcomings in monitoring that relationship. In 2023, Deutsche Bank agreed to a 75-million-dollar civil settlement with Epstein's accusers.

State of the evidence

Settlement

Deutsche Bank's asset management subsidiary DWS was accused by former sustainability executive Desiree Fixler of exaggerating ESG integration. German authorities searched DWS and Deutsche Bank, DWS's CEO departed, and in 2023 the SEC sanctioned DWS for materially misleading ESG statements and a separate AML issue.

State of the evidence

Allegations

Following the invasion of Ukraine, Sewing initially stated that a complete exit from Russia would run counter to the bank's values because it needed to continue supporting certain international clients. The position drew strong criticism, and Deutsche Bank announced the very next day that it would wind down operations and cease new business in Russia.

State of the evidence

Documented

Attribution

Direct responsibility

German prosecutors searched Deutsche Bank in 2022 as part of the cum-ex investigation into transactions dating mainly from 2006–2011. Sewing had previously played down the bank's role in this market, but the case continued to raise questions about its historical controls.

In 2021, Deutsche Bank agreed to pay more than 130 million dollars to resolve US investigations concerning FCPA violations and precious metals market manipulation. The conduct covered periods when Sewing held risk, audit or management advisory roles, but authorities did not establish his personal involvement.

State of the evidence

Documented

Sewing initiated merger discussions with Commerzbank, supported politically but strongly opposed by trade unions, which feared up to several tens of thousands of job cuts. Negotiations were abandoned after a few weeks when management concluded that the benefits were insufficient relative to costs, risks and capital requirements.

State of the evidence

Documented

Attribution

Direct responsibility

In July 2019, Sewing launched a historic restructuring of Deutsche Bank, planning approximately 18 000 job cuts and a substantial reduction of investment banking operations. The social impact of the plan prompted extensive coverage and criticism.

State of the evidence

Documented

Attribution

Direct responsibility

When Sewing headed internal audit, Deutsche Bank's Moscow branch received an internal assessment that was subsequently heavily questioned after the discovery of a 'mirror trades' scheme used to transfer billions out of Russia. FinCEN disclosures and press investigations raised questions about the quality of auditing and oversight.

State of the evidence

Documented