Germany's financial regulatory body has singled out Deutsche Bank general counsel Richard Walker in a report urging the bank to make senior management changes in the wake of the Libor scandal.

The report, a copy of which was obtained by German weekly magazine Der Spiegel, states the bank did not provide "a sufficient explanation and examination of the processes within the Bank in dealing with the allegations to Libor".

Walker (pictured) – alongside compliance head Andrew Procter – was highlighted as an example of the board's failure to bring cultural change to the bank following the scandal, after he was promoted to the group executive committee in 2012.

He joined the financial services company in 2001 from the Securities & Exchange Commission, where he worked as director of the division of enforcement. Between 1983 and 1991, he was a partner at Cadwalader, Wickersham & Taft.

Deutsche is one of a number of banks involved in the Libor scandal – the alleged manipulation of the inter-bank lending market.

In a statement, the bank said it is co-operating in various regulatory investigations, ahead of settlements with US and UK authorities.

"As per the current status of investigations, we can say that no current or former member of the management board had any inappropriate involvement in the interbank offered rates matters under review.

"[An internal review] also found that certain employees, acting on their own initiative, engaged in conduct that falls short of the bank's standards, and action has been, and will continue to be taken accordingly."

BaFin's investigation into the bank is on-going.

In October, the bank revealed its third quarter profits had plummeted 98% to €18m (£15.4m), down from €747m (£640m) in Q3 2012, after it set aside more than $1bn to cover potential legal costs.

A large proportion of these costs were likely directed towards a £602m settlement with the European Commission (EC) for forming illegal cartels to rig interest rate derivatives, the largest penalty handed out in a round of fines given out last month.

For that settlement, Deutsche turned to Slaughter and May competition litigation head Michael Rowe.

Last month, Walker appointed Linklaters corporate partner Florian Drinhausen as co-deputy general counsel for Deutsche's operations in Germany and Central & Eastern Europe.