Democrat Mark Ferron, 52, was appointed by Gov. Jerry Brown to fill a vacancy on the five-member board, which includes CPUC President Michael Peevey.
"Commissioner Ferron brings tremendous experience in financial services to the CPUC and will be a real asset to us and to the state's consumers," Peevey said in a statement.
Ferron served as chief operating officer for Deutsche Bank's global markets division from 2002 to 2009, where he was responsible for global operations of fixed income, currency, commodity and equity markets.
Ferron previously worked as a vice president at Bank of America and Salomon Brothers, and is currently a senior partner at Silicon Valley Social Ventures and is a board fellow of the New Teacher Center.
Ferron's appointment requires approval from the state senate.
Annual compensation for a commissioner is $128,109.
