Stefan Jentzsch, a member of the management board in charge of German operations and wealth management at HVB Group, is to relinquish his role as chief risk officer at Germany's second largest banking group.

The decision, which is said to have been made during a meeting of HVB's supervisory board on Wednesday, comes after the group - formerly known as HypoVereinsbank - reported weak third-quarter earnings and unveiled larger-than-expected loan loss provisions in October.