Deutsche Bank Chairman Paul Achleitner, who has known Thoma for decades, tapped the Shearman & Sterling LLP lawyer in 2013 to help improve controls and work through the company’s numerous cases of misconduct. The bank’s costs and provisions for fines and lawsuits have topped 12 billion euros ($13.5 billion) since then, wiping out profits in those years and weakening the bank’s capital ratios. Herling, reached by phone on Monday, confirmed the comments attributed to him by the newspaper and said he had nothing to add.
Thoma and Shearman & Sterling didn’t respond to requests for comment. A spokeswoman for Deutsche Bank declined to comment.
Thoma, who leads a committee that monitors and analyzes the bank’s legal risks, has become isolated from other board members, according to two people familiar with the matter. His relationships came under strain after he started to investigate links between fellow board members and Deutsche Bank’s legal proceedings, said one of the people, who asked to remain anonymous discussing internal matters.