German watchdog says Deutsche Bank has catching up to do
Reuters
Published Jun 30, 2015 06:03AM ET
Updated Jun 30, 2015 06:14AM ET
German watchdog says Deutsche Bank has catching up to do
FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) has some "catching up" to do under its new leadership to ensure its systems and processes are up to the requirements of international financial rules, the head of Germany's financial watchdog Bafin said.
"It's not enough to have a good strategy," Bafin president Felix Hufeld told the Frankfurt business journalists' club.
Deutsche Bank under its new chief executive John Cryan needs to ensure that reliable processes and controls are in place that fit the international regulatory environment, including the training of thousands of employees and investing billions in IT.
"Its a mass of measures that some banks master better than others," Hufeld said late on Monday, in remarks set for release on Tuesday. "Deutsche Bank has some catching up to do."
Cryan takes the helm of Germany's largest lender on Wednesday, following the early departure of co-chief executive Anshu Jain.
Bafin in a report had been critical of organisational failings and insufficient controls at the lender as well as its slowness in clearing up problems, a person familiar with the report's conclusions told Reuters earlier this month.
If Bafin is unhappy with a bank's management, it usually communicates its view informally to the relevant supervisory bodies, Hufeld said. "Then we see what happens," he said.
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Written By: Reuters
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