FRANKFURT: Deutsche Bank is preparing for an investigation by regulator Bafin into the source of information in the media about its ongoing strategic discussions, it said on Wednesday.
Deutsche, Germany's flagship bank, said it was preparing to begin its own audit in anticipation of queries by Bafin into how details of internal and private discussions appeared in the press. Deutsche launched a strategic review in December that is expected to result in the sale of the group's Postbank retail division, heavy cost cuts and swingeing job losses.
A formal decision is expected as soon as Friday, sources familiar with the situation have told Reuters. "An external investigation by Bafin into irregularities in the publication of market relevant information concerning the strategic process is to be expected," a bank spokesman said.
"We need to make very intensive preparations." Reuters, German daily business newspaper Handelsblatt, weekly Manager Magazin and other media have published stories, citing unnamed sources, about Deutsche's restructuring since the review was launched.
The bank has not officially published any information about the substance of its strategic review, nor has it confirmed reports citing anonymous sources.
Group supervisory board chairman Paul Achleitner indicated in March that the leaks were the source of some irritation.
"The process shouldn't fall apart just because everybody possible outside there is hyper-ventilating," he said at a Berlin conference.
Comments
Comments are closed.