Deutsche Bank has appointed an executive from consulting firm McKinsey, Thomas Poppensieker, to manage its risk control unit as it struggles with lawsuits and regulatory fines that are eroding profit.
In his new role, Poppensieker will be responsible for implementing the bank’s internal control functions outlined in its strategic plan known as Strategy 2015+.
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Additionally, he will lead the bank’s efforts to further strengthen its control framework across business divisions and infrastructure functions.
Poppensieker will take over his new role from 1 January 2014 and will report to co-chief executives Juergen Fitschen and Anshu Jain.
The appointment follows 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.
Prior to joining Deutsche Bank, Poppensieker most recently worked at consulting firm McKinsey & Company, where he led the risk management practice in Germany.
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