BERLIN (Reuters) - Dagmar Valcarcel, a legal expert, will join Deutsche Bank’s supervisory board, German newspaper Handelsblatt said on Wednesday without naming its sources.

The newspaper said the position had become free because Stefan Simon was moving into the management board as chief administrative officer in the wake of a major shake-up at the bank announced on Sunday.

Deutsche Bank declined to comment on the report.

Shares in Germany’s biggest bank rose by 1.6% late on Wednesday afternoon, recouping some of a near 10% drop in what amounted to the biggest two-day decline in almost three years on Monday and Tuesday. That came after the bank detailed a sweeping overhaul involving 18,000 job cuts on Sunday.