REUTERS/Ralph Orlowski
- Deutsche Bank is reportedly looking into whether confidential client data was leaked after former employees retained access to their emails weeks after being let go, according to the Financial Times.
- Roughly 50 traders from London and New York still had access to the bank systems, and one equity sales person sent 450 messages via remote access after leaving the firm.
- Visit Markets Insider for more stories.
Deutsche Bank has launched a probe into whether there was a potential data leak after roughly 50 former employees still had access to their emails despite being dismissed weeks ago, reports the Financial Times.
The Financial Times reported that one equity sales person sent over 450 emails despite already being let go.
The German bank failed to deactivate dozens of fired staff accounts when it shut down the global equities branch of the business earlier this month.
This failure comes at a crucial time for Deutsche Bank, as it tries to reassure investors that it can carry out the major restructuring of the business that was announced earlier this month. The bank has been plagued by money laundering scandals, ties to Jeffrey Epstein, and poor financial and share price performance this year.
The bank told the Financial Times:
"Access to trading systems was turned off immediately for employees being put at risk of redundancy. A small number of employees continued to have access to their work emails through personal devices for a limited period. We have reviewed nearly all emails sent and have so far found no evidence of any price sensitive information being communicated or of any other wrongdoing," adding that access to work emails have now been fully revoked.
18,000 jobs are due to be cut over the next four years, with 900 already gone. Last week it was announced the lender has its worst loss since 2008.
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Source: Business Insider – feedback@businessinsider.com (Yusuf Khan)