People Moves

Deutsche Bank Appoints Ex-McKinsey Man To Lead Efforts To Strengthen Controls

Tom Burroughes, Group Editor, London , December 10, 2013

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Deutsche Bank, Germany’s biggest bank, has announced that former McKinsey & Co senior manager Thomas Poppensieker has been appointed to lead its “efforts to further strengthen its control framework across business divisions and infrastructure functions”.

Deutsche Bank, Germany’s biggest
bank, has announced that former McKinsey & Co senior manager Thomas
Poppensieker has been appointed to lead its “efforts to further strengthen its
control framework across business divisions and infrastructure functions”. The role is a newly created one, a spokesperson told this publication.

Poppensieker will be based in Frankfurt
and report to the co-chairmen of the management board, Jürgen Fitschen and
Anshu Jain.

Explaining the reasons for his appointment, the co-CEOs
said: “We are pleased that Thomas Poppensieker will join Deutsche Bank to
further strengthen our control framework, which is a vital component of our
Strategy 2015+. Thomas is a recognized expert with an excellent track record in
risk management and regulation.”

While the statement from the Frankfurt-listed bank made no
reference to it, the appointment follows a period when a number of large banks
have had to face up to rising compliance and regulatory controls, and in some
cases, been punished for shortcomings. European banks continue to face
challenges in terms of capital adequacy against future shocks: last week
PricewaterhouseCoopers estimated banks face a total capital shortfall of as
much as €280 billion ($384.2 billion).

At McKinsey & Co, Poppensieker was a director, leading
the risk management practice in Germany,
the European banking risk practice and the market and trading risk service line.

 

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