8/23/2019, 6:58 AM (Source: TeleTrader)
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SEC fines Deutsche $16.2M for corrupt hiring practice

Deutsche Bank AG will pay $16.2 million in order to settle a civil lawsuit which has alleged that it has hired the relatives of government officials in order to win business in China and Russia.

The United States Security and Exchange Commission alleged that the German financial giant gave jobs to the children of top-ranking state officials in order to promote its business. The aforementioned penalty is one of the smaller ones, as JPMorgan Chase paid around $264 million for the same counts.

Deutsche Bank is currently pushing for internal reforms in order to cut costs and improve corporate governance, while its stock plummeted to an all-time low during the past week.

Baha Breaking News (BBN) / MA