A former Deutsche Bank private banker has been charged with embezzling more than €600,000 from wealthy clients, transferring funds to an account in his mother-in-law’s name to speculate in derivatives, resulting in a total loss of €493,000. The alleged victims included a private equity executive, a former consumer goods CEO, and a law firm partner. Prosecutors said he targeted clients assuming small transfers would go unnoticed, with individual transactions reaching up to €81,500.

When questioned, he returned funds and blamed internal bank errors. The defendant admitted guilt in court, citing financial strain from a €50,000 portfolio loss and pressure to recoup after his wife’s unexpected third pregnancy in 2022. He described a “terrible cycle” of escalating risk and acknowledged circumventing Deutsche Bank’s four-eyes approval process for transactions over €2,500 by manipulating email exchanges.

Deutsche Bank identified the fraud in 2025, reported it to authorities, and confirmed fewer than 10 accounts were affected, with all clients fully compensated. The bank has since strengthened controls and dismissed the employee. If convicted of aggravated breach of trust on a commercial basis, he faces up to 10 years in prison, with the court indicating a suspended sentence may be considered favourably.