Jul 10, 2019

Deutsche names former Barclays legal expert to supervisory board

Deutsche Bank is to appoint a former Barclays legal executive Dagmar Valcárcel to its supervisory board, replacing Stefan Simon, who is moving to the struggling German lender's management board to deal with regulatory and legal affairs. Mr Simon was nominated to the supervisory board by the Qatari royal family, which is the bank's biggest shareholder. Deutsche Bank on Sunday unveiled a fundamental strategy shift that includes the closure of large parts of its trading activities in investment banking, the cutting of 18,000 jobs and the hive off of €74bn in risk-weighted assets. With analysts and investors doubting the bank's ability to deliver on the restructuring, which will cost €7.4bn by 2022, Deutsche's share price has fallen by more than 10 per cent this week, recovering slightly on Wednesday. According to a CV published by Petrus in April, Ms Valcárcel is a qualified lawyer in the UK, Spain and Germany who from 2010 to 2017 worked in different roles at Barclays, among them legal counsel Western Europe.

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