Deutsche chair blames risk managers for lost risk control

Rise of risk managers hurt risk culture, says Paul Achleitner

Paul Achleitner

The chairman of Deutsche Bank's supervisory board has blamed the rise of professional risk managers for an abdication of risk-taking responsibility by banks' front-line staff. In a keynote speech at the International Capital Market Association conference in Berlin last week, Paul Achleitner argued in favour of a more old-fashioned approach.

"In the old days, the front-line officer who was dealing with clients had direct responsibility for both revenues and risk. Alongside him or her, there was a

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