Deutsche Bank fined $16m for hiring 'unqualified relatives' of politicians

Pedro Gonçalves
clock • 2 min read

Deutsche Bank has agreed to pay more than $16m to the US Securities and Exchange Commission to settle charges that it hired "poorly or unqualified" relatives of foreign officials in Asia and Russia. The Securities and Exchange Commission (SEC) alleged that Germany's largest lender had hired relatives of foreign government officials in order to win or retain business in Asia and Russia at their request, in violation of the Foreign Corrupt Practices Act. From 2006 to 2014, Deutsche Bank gave jobs to the children of rich and powerful officials "as a personal benefit to the officials in...

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