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Deutsche Bank's Compliance In For Bumpy Journey: Executive

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Deutsche Bank's Compliance In For Bumpy Journey: Executive

FRANKFURT: Deutsche Bank still needs time to improve compliance and clamp down on the malpractice that has cost it billions of euros in fines, the executive in charge of the effort said.

"I need at least another year or so to complete the set up," Chief Regulatory Officer Sylvie Matherat told Reuters in an interview published on Friday, adding that by year-end the bank will employ 2,200 people in compliance and anti-financial crime, 60 percent more than in 2014.

Nine years after the financial crisis broke, Deutsche Bank is still struggling to put in place new structures to prevent the lender from being ensnared in fresh scandals and costly litigation.

"If you really want to solve a problem in a sustainable manner, it will take longer and will be more difficult," Matherat said.

"The current management team is trying not to do quick fixes. It's much better to clean up properly. But that takes time and the journey can sometimes get a bit bumpy," she added.

Source: Channel New Asia

By Pathay Singh on 09/23/16