Germany’s financial regulator, BaFin, has instituted an independent monitor for Deutsche Bank AG (NYSE:) in a move aimed at pushing CEO Christian Sewing to address customer service flaws at Postbank. This development comes on Monday and marks the second time a monitor has been appointed under Sewing’s leadership.
The regulator’s decision follows a series of client complaints arising from Deutsche Bank’s IT overhaul, which BaFin had previously criticized. The bank has been grappling with these issues, as it strives to improve its digital banking offerings and enhance internal controls, efforts that have been ongoing for over a decade.
The regulator’s intervention draws attention to Deutsche Bank’s Project Unity, a monitoring initiative launched in 2018. The project was part of the bank’s broader strategy aimed at cost savings and improving operational efficiency. The recent completion of their plan suggests that the bank is making progress in its restructuring efforts.
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