Deutsche Bank Warns Employees Against Boastful BehaviorShane Strowmatt and Mark Bentley
Deutsche Bank AG, Germany’s biggest bank, warned employees in an internal video that their behavior in conversations and e-mails is “falling way short” of its standards, as the company faces regulatory scrutiny.
“Being boastful, indiscreet and vulgar is not ok,” Colin Fan, co-head of the German lender’s investment bank, said in the video, published by the Financial Times. “It will have serious consequences for your career. Our reputation is everything.”
Deutsche Bank is among global banks under investigation by regulators around the world for allegedly trying to rig the price of currencies and interbank lending rates. Fan’s video warning comes after co-Chief Executive Officers Anshu Jain and Juergen Fitschen pledged to impose stricter sanctions on staff found to have breached codes of conduct.
“The substance and tone of this video is intentionally direct and part of an ongoing program,” Regina Schueller, a spokeswoman for Deutsche Bank, said by e-mail. She declined to confirm the exact contents of the clip. “We expect every employee to understand and comply with our standards.”
The video was published by the FT the day after RP Martin Holdings Ltd., a London-based interdealer broker, was fined $2.3 million by U.S. and U.K. regulators for accepting more than $400,000 in bribes in exchange for helping to manipulate benchmark interest rates.
Global fines for rate-rigging reached about $6 billion in December, when European Union antitrust regulators levied a record 1.7 billion euros ($2.3 billion) in penalties.