Deutsche Bank Pays SEC $16M Over Russia, China Hiring

Law360 (August 22, 2019, 9:26 PM EDT) -- Deutsche Bank will pay the U.S. Securities and Exchange Commission $16 million to settle claims it offered "numerous" jobs to relatives of Chinese and Russian officials from whom the bank sought business, the agency said on Thursday.

From at least 2006 through 2014, Deutsche Bank engaged in the practice of doling out jobs in China based on how much business the candidate's connections could bring to the bank, the SEC said. The agency also cited similar practices in Russia from 2009 to 2012.

The hiring continued despite the bank's Asia regional policy from 2010 against hiring referrals tied to current or...

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