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Deutsche Bank Bans Text Messages, WhatsApp on Company Phones
Deutsche Bank has banned text messages and communication apps such as WhatsApp, Google Talk, and iMessage on company-issued phones to improve compliance standards. Unlike e-mails, the bank can’t archive text messages. The policy also applies to private phones used by employees for work purposes.
CRO Sylvie Matherat and COO Kim Hammonds issued a staff memo on Friday to express the company’s position and to say functionality will be switched off this quarter.
“We fully understand that the deactivation will change your day-to-day work and we regret any inconvenience this may cause. However, this step is necessary to ensure Deutsche Bank continues to comply with regulatory and legal requirements.”
Deutsche Bank has been slapped with around $14 billion in fines and legal settlements since the start of 2008 – that includes a $3.1 billion penalty it agreed to pay in the preliminary settlement with the DOJ, but excludes $4.1 billion in relief to borrowers that the bank agreed to provide over at least 5 years.
In July 2012, the bank accidentally destroyed 482 tapes of telephone calls that were among recordings the U.K. Financial Conduct Authority had ordered the company to preserve. The bank’s foot-dragging and evasions led the regulator to increase the fine imposed on Deutsche Bank by $122 million to a total of $274 million.