Friday, 16 May 2014

Deutsche Bank Video Warns Traders Not to Be Vulgar, Indiscrete [sic] or Brag

THE DAILY TELEGRAPH: German bank runs out of patience with 'Wolf of Wall Street'-style behaviour

Deutsche Bank, Germany's biggest lender, has warned trading and investment banking staff to stop any Wolf of Wall Street-style behaviour.

Colin Fan, the co-head of the German lender's investment bank, said in a video to all his staff: "It's not OK to brag or to be vulgar or indiscrete [sic]. That will have severe consequences on your career. I've run out patience on this."

He said "reputation is everything" and some staff were "still a long way from meeting" the bank's standards.

Deutsche Bank is undergoing a shake-up following a series of scandals that has tarnished its reputation. Last year the German bank €725m in penalties for its involvement in the Libor rigging scandal, a key rate used to fix the cost of borrowing on mortgages, loans and derivatives worth more than $450 trillion (£288 trillion) globally.

“You may not realise it but right now, because of regulatory scrutiny, all your communications may be reviewed,” said Mr Han in the video. “This includes your emails, your conversations and your conduct.” » | Martin Strydom | Friday, May 16, 2014