Deutsche Bank appoints Laura Padovani to management board

FRANKFURT (Reuters) – Deutsche Bank said on Sunday that it was appointing Laura Padovani to the management board responsible for compliance and for preventing financial crime, adding a woman to the German lender’s male-dominated top ranks.

The promotion of Padovani, who joined Deutsche last year as chief compliance officer, will make her the second female on what will become a 10-person board.

Deutsche Bank has lagged many other top European lenders in female representation at board level.

Deutsche Bank’s chairman Alexander Wynaendts has said he aimed for greater gender balance, and he has also sought to strengthen internal controls at a bank that for years made headlines over lapses for issues like money-laundering.

“Now is the right time for her to assume responsibility for key control functions at the management board level,” Wynaendts said.

She assumes the portfolio from board member Stefan Simon, who will continue his role overseeing the Americas and the legal department.