The German lender Deutsche Bank announced a management shakeup Tuesday that will move the chief financial officer, Stefan Krause, to a newly created post and give his duties to a Goldman Sachs Group partner, Marcus Schenck.
Deutsche Bank also named Christian Sewing to the management board with responsibility for legal affairs, in what appeared to be a stepped up effort to cope with an array of official investigations and lawsuits. Mr. Sewing, 44, currently holds the title of global head of group audit at Deutsche Bank.
In addition, Henry Ritchotte, 51, Deutsche Bank’s chief operating officer, will retain that title while overseeing an effort to improve the bank’s information technology, including internet and mobile banking services.
The changes were part of an expansion of the bank’s management board that were intended to help it cope with tougher regulations and allegations of wrongdoing. Litigation issues have been a major distraction for Anshu Jain and Jürgen Fitschen, the co-chief executives, as they have tried to defend the bank’s position among global investment banks.
Paul Achleitner, chairman of the Deutsche Bank supervisory board said in a statement that the changes “will strengthen the capacity of the management team to handle the challenges ahead.”
The European Central Bank will officially take over regulation of banks in the eurozone on Nov. 4 and has already demanded more information than in the past, prompting many banks to invest in better information technology.
Mr. Schenck, 48, is the head of investment banking services at Goldman Sachs for Europe, the Middle East and Africa. He returned to Goldman Sachs last year after serving seven years as chief financial officer of the German power and gas company E.ON.
Mr. Krause, 51, who has been chief financial officer since 2008, will become head of strategy and organizational development. He will continue as chief financial officer until May 21, 2015, when the bank holds its annual shareholders meeting.
Stephan Leithner, 48, will remain on the management board as chief executive officer Europe and as head of government and regulatory affairs, compliance and human resources.
The changes, announced ahead of publication of third-quarter results on Wednesday, come at a difficult time for Deutsche Bank.
The lender said last week that it had set aside another 894 million euros, or about $1.13 billion,
in legal costs in the third quarter to cover lawsuits and regulatory inquiries into a variety of legacy issues.
Deutsche Bank declined last week to say which cases prompted the additional charge.
The bank is facing investigations over its role in potential manipulation of global benchmark interest rates and inquiries into foreign exchange trading.
It also is facing lawsuits over mortgage-backed securities sold in the United States ahead of the financial crisis, as well as questions about its role in financial transactions carried out on behalf of nations facing international sanctions, including Iran.
Deutsche Bank has set aside about €3 billion in total to cover potential litigation costs.
Mr. Fitschen, the Deutsche Bank co-chief executive, and several former bank leaders also are facing criminal charges of colluding to give false testimony in a long-running lawsuit over the collapse of a bank client’s media empire.
Mr. Krause joined Deutsche Bank in 2008 from the automaker BMW, where he served as chief financial officer for five years and later as its head of sales and marketing.
While at Deutsche Bank, Mr. Krause led a €1 billion project to improve the bank’s financial reporting.
But the bank’s financial reporting was criticized in a letter last year by its primary regulator in the United States, the Federal Reserve Bank of New York.
Jordan A. Thomas, a lawyer who represents a former Deutsche Bank risk analyst who filed a whistle-blower claim against the bank, told The New York Times this summer that he had seen the letter and it directed Deutsche to fix problems in its reporting procedures.
Deutsche has said that it has been “working diligently to further strengthen our systems and controls and are committed to being best in class.”
Manager Magazin of Germany reported Mr. Krause’s move earlier on Tuesday.