A former EY partner is reportedly relinquishing his position as Deutsche Bank’s head of accounting temporarily after German prosecutors launched an investigation into his role as a lead auditor for Wirecard, a once-thriving FinTech company currently embroiled in a $2 billion accounting scandal.
Andreas Loetscher, who was one of the lead partners for EY on Wirecard’s audits from 2015-2017, had joined Deutsche Bank in 2018. The announcement that he was stepping aside during the Wirecard/EY investigation was made in an internal memo that was seen by both The Financial Times and Reuters. Compliance Week has requested a copy from Deutsche Bank but has not received a response.
