Deutsche probing staff over illegal product sales - report

Sunday, 24. January 2021 23:44

Deutsche Bank AG started an investigation into whether its staff sold banking products against European Union regulation, the Financial Times reported.

The banking giant's probe, which was triggered by client complaints, reportedly found that employees miscategorized client firms under the Markets in Financial Instruments Directive. The inappropriate products were then sold to clients who were unaware of the risks they were taking with these positions, the news organization stated.

"We initiated an investigation in relation to our engagement with a limited number of clients. We cannot comment on details until all aspects of the investigation are complete," Deutsche's spokesperson said in a statement.

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