Deutsche Bank traders have been given a slap on the wrist for their "boastful, indiscreet and vulgar" behavior after a boss at the German lender's investment bank warned staff they were falling "way short of established standards".
In an internal video, co-head of corporate banking and securities at Deutsche Bank, Colin Fan (pictured) told sales and trading staff that he had "lost patience" with their crude behavior and that ignoring his warning could have "serious consequences".
The video which was emailed to global sales and trading employees was obtained by German paper Die Zeit, and shown on the Financial Times website,showed Fan telling staff that the bank's dealings were coming under regulator scrutiny and a close eye would be kept on all communications, including emails and conversations.
"Some of you are falling way short of our established standards. Let's be clear, our reputation is everything, being boastful indiscreet and vulgar is not OK," said Fan.
"It will have serious consequences for your career and I have lost patience on this issue. Communications that run even a small risk of being seen as unprofessional stops right now," he said.
Recent cases of insider trading and rigging of key rates have revealed a draft of incriminating emails and instant messages between traders.
Interdealer brokerage ICAP was fined $87 million In September last year for colluding with traders to manipulate LIBOR. The U.S. Commodity Futures Trading Commission (CFTC) released examples of email conversations between broker and traders between 2006 and 2010, in which food, drink and even a Ferrari were offered as incentive for rates fixing.
In response to the video, Deutsche Bank said a "new culture is taking hold, step by step, here at Deutsche Bank. The substance and tone of this video is intentionally direct and part of an ongoing program. We expect every employee to understand and comply with our standards."
Fan's warning also suggested that anyone that did not take his warning seriously could face big repercussions.
"I need you to exercise good sense and sound judgement, think carefully about what you say and how you say it. If not it will have serious consequences for you personally," he said.
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