Overview
- Last Friday BaFin ordered the three personally liable executives of Berenberg to stop exercising their powers and placed two special commissioners in charge of the bank's operations.
- External auditors flagged irregularities during the 2025 annual audit, with reports pointing to disputed valuations of the bank's proprietary trading positions that have left the 2025 financial statements uncertified.
- Hans‑Walter Peters will oversee market and client topics while Michael Horf will run the market‑follow-up function as interim leaders tasked with stabilizing business and completing the audit.
- Berenberg and the interim team say customer business and capital positions are not affected and the bank expects a modest profit for 2025 with stronger first‑half 2026 results, but the audit and investigations are still open.
- The case is notable for its rarity because full suspension of a large bank's leadership is uncommon in Germany and it could prompt tighter supervisory demands, a search for permanent management, and scrutiny of internal controls and ownership links.