FRANKFURT (Reuters) - Deutsche Bank
Deutsche Bank on Monday named 43-year-old Thomas Poppensieker as head of a new effort to tighten controls at Germany's flagship lender, reporting directly to co-Chief Executives Juergen Fitschen and Anshu Jain.
The move comes as Deutsche Bank pursues an ambitious cultural transformation plan led by Fitschen and Jain, and as it works through a long list of scandals, investigations and fines that came in the wake of the financial crisis.
Improving controls in standard-setting, accounting, regulation, compliance and a host of other vital functions is a central part of that transformation, Deutsche said in a statement. The bank has, for example, already established a new code of behavior and early warning system for traders.
In addition to his current position as director at McKinsey & Company in Munich, Poppensieker is a member of the Executive Board of the Frankfurt Institute of Risk Management and Regulation and has advised the European Commission on regulation including Basel III.
(Reporting by Thomas Atkins; Editing by Louise Heavens)