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New man on the board to clean up Deutsche Bank's act

FRANKFURT (Reuters) - The Qatari-backed lawyer tasked with trying to draw a line under Deutsche Bank's <DBKGn.DE> regulatory scandals has risen rapidly at the German bank, jumping to the management board after three years as a "sparring partner" on the bank's supervisory body. Deutsche Bank is desperate to clean up its act and restore its reputation after years of turmoil including the Libor rate-rigging scandal and money-laundering investigations, and Stefan Simon has an intimate knowledge of the bank's rocky relationships with regulators and courts. The enigmatic corporate lawyer will soon be sitting on Deutsche's management board, promoted from its external oversight board as part of a 7.4 billion euro (£6.6 billion) overhaul which will see the bank shrink and lose 18,000 jobs. In November, Matherat sought to downplay Deutsche's role in a money laundering scandal involving Danske Bank and suspicious payments totalling 200 billion euros from 2007 until 2015. But Simon, as head of the supervisory board's integrity committee, opted to get an independent view and commissioned the law firm Gibson Dunn to advise the board on Danske, a person with knowledge of the matter said.

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