A former
Deutsche Bank executive suing the German lender for €152 million has taken his
case to European banking regulators, asking them to scrutinize the bank’s
oversight practices and its current leadership.
Former Deutsche Bank
Manager Escalates Legal Fight With Regulator Appeal
Dario
Schiraldi sent a letter to the European Central Bank (ECB) requesting what he
calls a “supervisory review” of Deutsche Bank, according to documents
reviewed by Bloomberg News.
The move
adds another front to Schiraldi’s legal battle against his former employer,
which he says destroyed his career after he got caught up in an Italian banking
scandal.
The letter
zeroes in on Christian Sewing, who now runs Deutsche Bank as CEO. Back in 2013,
Sewing oversaw an internal audit examining repo transactions Deutsche Bank had
done with Banca Monte dei Paschi di Siena. Schiraldi and five other former
Deutsche Bank employees say that review wasn’t fair and unfairly blamed them
for problems with the deals.
Italian Acquittal Fuels
Damage Claims
Schiraldi
worked as a senior manager in Deutsche Bank’s asset and wealth management
division when Italian prosecutors charged him and five colleagues in connection
with Monte Paschi accounting issues. An Italian court convicted all six in
2019, but an appeals court in Milan threw out those convictions three years
later, fully clearing them.
Now all six
are suing Deutsche Bank in Frankfurt. Schiraldi filed his case last year,
claiming the bank’s handling of the 2013 audit wrecked his professional
reputation and career prospects.
A Deutsche
Bank spokesperson said the bank views these lawsuits as “entirely without
merit” and plans to mount a strong defense. The ECB wouldn’t comment on
the letter.
Dario Schiraldi, the former @DeutscheBank manager who is suing the lender for allegedly damaging his career, is urging Europe’s top bank watchdog to conduct a supervisory review of the firm to increase pressure -> @schamalz @kmatussek + Mark Schroers
— Christoph Rauwald (@Rauwald) November 4, 2025
Dual CEO Role Questioned
Schiraldi’s
lawyer raises concerns beyond the old audit. The letter questions whether
Sewing should simultaneously hold the CEO position while also heading up legal
and regulatory affairs at the bank. That setup violates basic separation of
duties, the letter argues.
Deutsche
Bank pushed back on that characterization. The spokesperson said Sewing took on
both roles temporarily after another board member left, calling it
“ordinary course of business.” The bank notified regulators about the
arrangement, which follows governance standards, according to the spokesperson.
The letter
also takes aim at how Deutsche Bank reports its leverage exposure in financial
statements, claiming the bank uses “aggressive netting” that makes
its true leverage harder to see. Deutsche Bank says its netting practices match
accounting standards and align with what other banks do.
Schiraldi’s
appeal to the ECB doesn’t guarantee any action. The regulator doesn’t typically
comment on individual complaints or confirm whether it’s looking into specific
matters. But the letter signals Schiraldi isn’t limiting his fight to German
courtrooms; he’s trying to get regulators involved too.
This article was written by Damian Chmiel at www.financemagnates.com.
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