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Next Up to Reform Culture: Deutsche Bank

Matt Kelly | October 21, 2015

Observers of the financial news might have seen the item earlier this week that Deutsche Bank is reshuffling its senior managers. Observers of the compliance news might want to take note of it too.

This white-collar culling is the first big personnel move under DB’s new co-CEO, John Cryan. It’s also long overdue. Germany’s top financial regulator, BaFin, had been giving Deutsche Bank the side eye for years, as the firm seemed to find itself in one scandal after another while facing complaints that it had become too big to prosper. So when Cryan arrived three months ago, everyone knew the inevitable would come. It came on Sunday.

In the immediate, Cryan’s cleaning is admirable because he really has set a new tone at the top for Deutsche Bank. All executives shown the door were associates of his predecessor as co-CEO, Anshu Jain. Most also had a...

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