Deutsche Bank AG (DBK) plans to hire about 500 employees in compliance, risk and technology in the U.S. as global securities firms bolster their regulatory oversight in the wake of escalating fines.
The hires at Germany’s largest bank are to be made by the end of the year, said Jacques Brand, chief executive officer of Deutsche Bank North America in a phone interview. The bank will also continue “strengthening control functions as we aim to deliver the franchise more efficiently,” he said.
Banks around the world are under pressure to beef up their regulatory compliance and are accelerating staff hires in those divisions following probes by U.K. and other global regulators into the manipulation of benchmark interest rates, the alleged rigging in currency markets and money laundering.
BNP Paribas SA (BNP), France’s largest bank, pleaded guilty and agreed to pay a record $8.9 billion for violating U.S. sanctions last month, while Credit Suisse Group AG (CSGN) paid $2.6 billion and pleaded guilty to helping Americans cheat on their taxes.
Barclays Plc (BARC), U.K.’s second-largest bank, is sending employees to school to teach them compliance. The bank will open a Compliance Career Academy with Cambridge University’s Judge Business School to provide technical and behavioral training to staff, the lender said this month. Barclays plans to open the course to staff at other firms and award certificates in compliance.
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