FRANKFURT (Reuters) – Deutsche Bank announced on Sunday the appointment of Laura Padovani to the management board, where she will be responsible for compliance and preventing financial crime. This move marks the addition of a woman to the top ranks of the predominantly male German lender.
Padovani, who joined Deutsche Bank last year as chief compliance officer, will be the second female member on the soon-to-be 10-person board.
Deutsche Bank has been behind many other leading European banks in terms of female representation at the board level.
Alexander Wynaendts, Chairman of Deutsche Bank, has expressed a commitment to achieving greater gender balance and has also focused on strengthening internal controls at the bank, which has faced scrutiny in the past for issues like money laundering.
“Now is the right time for her to assume responsibility for key control functions at the management board level,” said Wynaendts.
Padovani will take over the compliance portfolio from board member Stefan Simon, who will continue to oversee the Americas and the legal department.