WestLB on Thursday dismissed Thomas Fischer as chief executive following the stock trading scandal that has rocked the German landesbank.

Rolf Gerlach, WestLB’s chairman, said the dismissal of Mr Fischer, one of Germany’s best-known and most colourful bankers, and Matthijs van den Adel, the chief risk officer, were triggered by a damning report from Bafin, the German financial regulator, into alleged illegal trading activities at the bank.