A host of law firms have been awarded positions as Deutsche Bank’s go-to advisers with the lender having finalised its global legal panel after kicking the process off at the end of last year.
Freshfields Bruckhaus Deringer, Allen & Overy, Hogan Lovells, White & Case and Ashurst are all understood to have retained their spots on the German banking goliath’s rota. Other firms named include Cleary Gottlieb Steen & Hamilton and Latham & Watkins.
The legal panel itself divides the firms regionally between the Europe, the Middle East and Africa; the US; and Asia.
The review was handled by the banks general counsel Richard Walker, alongside Christian Sewing who is responsible for private and business clients, legal, and the incident management group. Sewing was assigned to the role in May after Rainer Neske left the bank on 30 June through mutual agreement.
The panel review, which is typically carried out every two years kicked off in December 2014 and was initially set to conclude by the end of January 2015. The last panel shakeup concluded at the end of 2012 when US firm White & Case returned as a go-to advisor.
Deutsche Bank was previously fined £1.7bn for Libor rigging and in April, the bank suffered a sharp fall in profits after setting aside litigation expenses of €1.5bn in the first quarter of this year. Its litigation reserves were €4.8bn at the end of last year’s quarter.