WestLB loses more managers including heads of credit risk management, compliance

FRANKFURT (Thomson Financial) - WestLB has lost a number of mid-level managers including the heads of credit risk management and group compliance, Financial Times Deutschland reported.

The report said the two, as well as the heads of South American operations and of WestLB's Paris branch, have either left the state-owned bank or have submitted their resignation.

It said a spokesman for WestLB confirmed the resignations.

The future of WestLB, which is owned by the German state of North-Rhine Westphalia and regional savings banks associations, is unclear after the bank was shaken by high proprietary trading losses. WestLB chief executive Thomas Fischer and chief risk officer Matthijs von den Adel were dismissed at the end of July.

Its owners are in talks on whether to sell or merge the bank with other state-owned banks.

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