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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Hiring Freeze at Deutsche Bank
Deutsche Bank issued a memo to managers alerting them to a freeze on hiring new staff – although this apparently would not apply to the compliance department. This move is the latest in a series of responses by management to a crisis of confidence that has come to a head with the prospect of a multi-billion-dollar legal penalty.
Just last October, the bank launched an organizational change that featured, among other things, 9,000 job cuts and the sale of some non-core businesses. However, one year later, staff numbers have barely changed. Headcount, which stood at more than 101,300 in the middle of this year, is, in fact, higher than the roughly 98,600 one year earlier.
And now, pressed by the U.S. Justice Dept to pay up to $14 billion in fines for the selling of toxic mortgage securities before the financial crisis, Deutsche Bank urgently needs to rejigger its flagging plan.