SAN FRANCISCO (TheStreet) -- Deutsche Bank (DB) - Get Deutsche Bank AG Reportnamed a new chief financial officer late Tuesday as the German bank faces pressure from regulators and investors over its financial reporting and legal troubles.

Stefan Krause, who has served as Deutsche Bank's CFO since 2008, will step down after the bank's annual general meeting in May. He will be replaced at that time by Marcus Schenck, who is coming from Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report , where he is general manager and deputy CFO. 

In the meantime, Krause will also be assuming a new role at the bank, effective Nov. 1, as Head of Strategy and Organisational Development. The scope of this work involves strategic development and major change initiatives at the institution. 

The move to keep Krause rather than oust him now might calm Deutsche Bank investors at a time of concern over the bank's financial reporting and the numerous lawsuits it faces. In after-hours trading, Deutsche Bank's ADRs closed in New York Tuesday up 3.2% to $32.48 but they are down fractionally in late trading.

Deutsche Bank faces allegations it was among a group of lenders that manipulated global benchmark interest rates and is subject to inquiries over its foreign exchange trading, according to a New York Times report.

In addition, the bank is battling a number of lawsuits resulting from the mortgage-backed securities scandal that emerged during the recent financial crisis. In Deutsche Bank's case, allegations center on the bank selling these securities in the U.S. before the financial crisis exploded.

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To deal with its legal issues, the bank announced last Friday it expects its third-quarter litigation costs to reach 894 million euros, or roughly $1.3 billion. The institution will report its third-quarter earnings Wednesday.

At the time of publication, the author held no positions in any of the stocks mentioned, although positions may change at any time.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

TheStreet Ratings team rates DEUTSCHE BANK AG as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate DEUTSCHE BANK AG (DB) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, deteriorating net income and disappointing return on equity."

You can view the full analysis from the report here: DB Ratings Report