The co-chief executive of Deutsche Bank has defended the German lender’s efforts to bolster its ranks of senior female executives, acknowledging criticisms over the length of time change has taken but arguing that the firm had pursued more than “cosmetic” change.

Delivering opening remarks at a New York conference for women in finance called Women on Wall Street last week, Jürgen Fitschen said the bank's efforts to promote more female executives in the last two years were "just the beginning".