Germany’s troubled Deutsche Bank is imposing a hiring freeze across all global operations as it “braces” itself for a huge penalty from the US Department of Justice, says The Times.
The lender has stopped recruitment in every department except compliance. It has already agreed 1,000 additional job cuts in its home market, on top of the 3,000 role reductions that had already been set out in Germany, to take total job losses to 9,000.
It’s all part of a drive by the bank to prove it can secure its financial position despite the threat of a fine of as much as $14bn (£11bn) over the sale of mortgage-backed securities ahead of the financial crisis.
That figure was the regulators’ opening gambit and Deutsche probably won’t pay…
Read the full article at: http://www.theweek.co.uk/77087/deutsche-bank-hiring-freeze-as-it-braces-for-us-fine
