Deutsche Bank's Sewing waives part of his bonus over WhatsApp use – BusinessLIVE

Deutsche Bank’s management board agreed to take a financial hit after criticism from regulators of widespread use of private communication channels among staff via applications such as WhatsApp.The lender is among several financial firms under investigation by US authorities over the use of private messaging that can’t be archived. It recently introduced a new app that allows the retrieval of messages on company phones, Bloomberg has reported. CEO Christian Sewing and board members agreed to forgo a part of 2023’s bonuses, or €75,000 apiece, reports said. A spokesman for Deutsche Bank declined to comment. The regulatory scrutiny had added to compliance headaches that have built up for Sewing, who has spent billions of dollars trying to fix the bank’s controls and improve relations with supervisors since assuming his role four years ago. While the CEO has drawn a line under several big litigation risks, new issues have continued to arise.Sewing himself has used WhatsApp in the past to communicate on issues related to the lender. At one point, he swapped messages with German businessman Daniel Wruck, whose role in business deals involving Deutsche Bank and its investment arm DWS has been probed by German investigators, Bloomberg has reported.The German lender has…
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