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Deutsche Bank Puts EY Audit Mandate Up for Grabs on Wirecard (1)

May 27, 2021, 6:37 PMUpdated: May 27, 2021, 8:42 PM

Ernst and Young’s German arm risks losing another major audit client as the fallout from the Wirecard scandal continues.

Deutsche Bank AG said that it would tender its audit mandate for next year, which EY has held for just two years. German companies must change auditors every ten years.

The bank’s internal investigation into the Wirecard collapse last year hasn’t been concluded and Deutsche Bank wants to keep “all options open,” said Paul Achleitner, the bank’s supervisory board chairman at the annual general meeting on Thursday.

It’s not yet clear if the investigation would impact Deutsche Bank’s relationship with its ...