FRANKFURT Dec 9 Deutsche Bank
created a new senior position to govern compliance and risk
management throughout the group and named a top McKinsey
consultant to fill it, less than a week after EU officials fined
Deutsche and other banks for rigging interest rates.
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 behaviour 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)