Deutsche clampdown on bad behavior appears exodus of traders
Senior bankers at Deutsche Bank AG (DBKGn.DE) are abandoning the bank amid a crackdown on bad behavior by traders, as the bank undergoes a probe by global regulators into allegations of attempts to rig markets, the Financial Times reported on Sunday.
The bank is planning to stop rewarding the best earners on the trading floor with bonuses or promotions if they are “disruptive” or are not seen as team players, the newspaper said.
These bankers are drifting away from traditional banking to less regulated areas like hedge fund management and boutique firms.
The newspaper reported that other banks like Barclays (BARC.L) are also in the process of introducing similar measures, after its bonus culture was cited as one of the factors that led to the Libor manipulation rate scandal.
The newspaper said that senior bankers are now operating in a much tighter environment, with an emphasis on following non-binding ethical codes along with the rules.
Source: Reuters- Deutsche clampdown on bad behavior appears exodus of traders
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