The Worst Bank In The World Just Got Worse

Throughout my tenure at Deutsche Bank, our internal PR machine would always tell us that the bank had learned its lesson after each and every self-inflicted scandal. We were told not to worry about LIBOR rigging, our involvement in the 1MDB heist, or the Tim Wiswell Russian mirror-trade affair because there were controls in place that would prevent such occurrences from happening in the future.

Today the bank was fined for onboarding Jeffery Epstein as a client in 2013. While Epstein was being vetted, a junior associate alerted senior management that Epstein served jail time for soliciting a minor and had paid young women for massages in his Florida home. The relationship manager in charge of vetting the account noted how lucrative the relationship could be and the deal with Epstein went through.

Before today Deutsche Bank was well known to be morally bankrupt, but these findings are sickening even by its incredibly low standards.  Deutsche Bank willfully profited from a convicted pedophile.

Deutsche Bank CEO Christian Sewing appeared on CNBC today to promise that an occurrence like this will never happen again.  As a Deutsche Bank lifer who has spent his entire career climbing the ranks at a greed-driven cesspool, Sewing lacks credibility when he wants you to believe that somehow Deutsche Bank has finally learned its lesson.  Every CEO for the past two decades has made a similar apology for past transgressions. Yet here we are today, watching Deutsche Bank explain away why it shouldn’t have entered into a business agreement with a known pedophile.

I spent more than thirteen years at Deutsche Bank and I should have left sooner.  I knew the bank was problematic, yet I stayed on.  I believed in my team, I liked my job, and I was proud of the work I was doing.  I only left because I was sold off to BNP Paribas as part of the Equities exit.  This was a mistake; I should have ended my association with a bank with a culture that was questionable at best.  Today that culture was confirmed to be pure evil, and my resume will forever be stained by my association with Deutsche Bank.

I encourage all my former colleagues who read this to be better than me and please try to hasten your exit.  If you are part of the EMDEN project, please raise your hand and ask to be transferred to BNPP immediately.  If you don’t have that option, contact a recruiter, get busy on LinkedIn, and do whatever you have to do to get out.  If I can be of any assistance, please let me know.