Deutsche Bank Female Diversity Suffers as Jones Departs

Deutsche Bank AG (DBK) deputy finance chief Charlotte Jones, one of the company’s most senior female executives, plans to leave Europe’s second-largest bank.

Jones, Chief Financial Officer Stefan Krause’s deputy, will leave Frankfurt-based Deutsche Bank this month, spokesman Armin Niedermeier said today in a phone interview. He declined to provide further details.

The departure may set back Deutsche Bank’s effort to boost female representation in management. The lender, which has no women on either of its two highest executive committees, intends to increase the number of female senior executives it employs to 25 percent by the end of 2018 from 17 percent in 2011, according to its 2011 financial report. Deutsche Bank’s management board has seven members, who also sit, along with 11 colleagues, on the group executive committee.

Jones joined the bank in 2004, oversaw its implementation of new accounting rules and represented the lender in talks over Greece’s creditors taking losses on their bonds to rescue the country in 2011 and 2012, Die Zeit reported earlier today.

Unlike some countries in Europe, Germany hasn’t set quotas to improve the balance of female representation in corporate management. Deutsche Bank and the other companies listed on Germany’s benchmark DAX Index have instead made a voluntary commitment to increase the proportion of female executives.

Deutsche Bank is Europe’s largest bank by assets after HSBC Holdings Plc. (HSBA)

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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