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Benzinga

Politics

Anusuya Lahiri

Here's Why US Is Probing Deutsche Bank, Other Banks

Deutsche Bank United States NYSE Christian Sewing DB JPM BaFin Deutsche Bank AG Meta Nasdaq

Deutsche Bank AG (NYSE:DB) is among several investment banks included in a comprehensive industry-wide U.S. regulatory probe, Bloomberg reports.
The investigation determines the degree of employee reliance on private communication channels like Meta Platforms Inc (NASDAQ:FB) WhatsApp to conduct business.
Deutsche Bank tested new software to improve its ability to archive messages and has repeatedly warned staff not to delete messages.
German supervisor BaFin sought similar information requests from Deutsche Bank, including the messaging behavior of CEO Christian Sewing and the rest of the management team.
The use of personal communication tools attracted intense scrutiny since U.S. regulators slapped $200 million in fines on JP Morgan Chase & Co (NYSE:JPM) in December for failing to keep adequate records of staff messages.
At least five other global banks acknowledged fielding U.S. inquiries since the JPM penalty.
Price Action: DB shares traded higher by 2.39% at $10.07 on the last check Thursday.

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