Former Deutsche Bank team leader admits to embezzlement of customer funds in Frankfurt
A former team leader at Deutsche Bank is alleged to have defrauded customers of six-figure sums. The Frankfurt public prosecutor's office has charged four former employees.
Trial against former Deutsche Bank employees in Frankfurt
A case that fundamentally calls into question the control mechanisms in Deutsche Bank's private banking business has been heard before the Frankfurt Regional Court since Tuesday. According to the Süddeutsche Zeitung, a former team leader at the institution defrauded customers of six-figure sums – apparently bypassing internal controls over many years.
The Frankfurt public prosecutor's office has charged four former employees of Germany's second-largest bank in total. The alleged total damage is said to be in the millions. The investigations took many years before charges were finally brought.
The case comes at a time when Deutsche Bank advertises itself with the slogan "Trust has always been the beginning of everything" – a sentence that some may remember from the 1990s. The charges are not directed at risky investment banking this time, but at private banking, which is considered solid. Whether this is an isolated incident or whether the internal controls of Germany's largest credit institution are fundamentally failing is what the trial will clarify.
Source: Süddeutsche Zeitung