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Business

Deutsche Bank Mulls Expanding Board

Deutsche Bank, the biggest German bank, is considering revising the make-up of its management board next year to help placate critics of its corporate governance structure, The Financial Times reported on Friday. The current four member-strong board would be expanded to five, adding a chief risk officer, the newspaper quoted senior Deutsche Bank figures as saying. The trigger will be the retirement of the bank's chief administrative officer, Tessen von Heydebrec, next year. Von Heydebreck's replacement could be joined by a second new board member, with insiders tipping Hugo Banziger, head of credit and operational risk, as the favorite, the paper reported. Deutsche Bank halved the size of its executive board when Josef Ackermann became chief executive in 2002, sparking criticism among corporate governance experts.

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