Deutsche Bank appoints new corporate governance chief and expands role

Francesca Washtell
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Deutsche Bank has expanded its corporate governance role (Source: Getty)

Deutsche Bank has appointed a new head of corporate governance and has significantly expanded the role, the bank announced today.

Daniela Weber Ray, who has been head of global governance since June 2013, will be succeeded by Florian Drinhausen on 1 April.

The expanded role will unite "[a]ll functions that have responsibility for governance matters", bringing together global and regional governance departments, the corporate secretariat and the office of the supervisory board.

Drinhausen is currently regional co-general counsel for Germany at Deutsche Bank, which he joined in 2014. He was previously a partner at Linklaters LLP with responsibility for corporate governance and M&A.

Chief executive John Cryan warned earlier this month that Deutsche Bank won't be profitable in 2016 due to the ongoing overhaul of the bank in the wake of regulatory changes, which saw the bank register its first loss since 2008.

"There’s a lot of stuff we have to get done this year, so this year we’re not going to be profitable," Cryan said. "We’ve said this year is not going to be a profitable year, we may make a small profit, we may make a small loss, we don’t know."

After losses in the 2015 financial year it also emerged that the Deutsche Bank bonus pool had shrunk to €2.4bn (£1.9bn), from €2.7bn the year before.

Moody's announced earlier this week it had placed the bank on review ahead of a possible downgrade.

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