Deutsche Bank hired children of Russian officials to win lucrative deals

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Deutsche Bank hired children of Russian officials to win lucrative deals 1

Between at least 2006 and 2014, Deutsche Bank provided valuable employment to the relatives of foreign government officials in various parts of the world as a personal benefit to the officials in order to improperly influence them to assist the bank in obtaining or retaining business or other benefits.

“We must do it!” a senior Deutsche Bank official said, according to the Securities and Exchange Commission. “We should have her in London as it is NOT politically correct to have her in Moscow!”

The woman was hired with a promise of a permanent position in London, according to allegations detailed in an SEC settlement agreement. Ten days later, the new employee’s father sent Deutsche Bank a request for a proposal on a bond deal worth more than $2 billion, a deal the bank ultimately won.

In another case, a senior executive at a Russian state-owned entity asked the bank to hire his son, who also wanted to work in Deutsche’s London offices, according to the SEC. A London-based Deutsche human resources employee flagged the move as “the classic nepo situation that we have every year” but was overruled.

After just two months, the human resources executive wanted the son fired despite his father’s position. He had failed to come to work, failed an exam and was “a liability to the reputation of the program, if not the firm,” the Deutsche employee said.

Instead, the son was transferred back to Moscow, according to the SEC document.

As reported earlier, Federal authorities were investigating whether Deutsche Bank complied with laws meant to stop money laundering and other crimes.

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