In a move to improve its compliance standards Deutsche Bank is banning the use of text messages and WhatsApp on company-issued phones.
Under the leadership of CEO John Cryan, who has made changing the culture at the bank a key pillar of his revamp, Deutsche last month agreed to a $7.2 billion settlement agreement in principle with the Department of Justice following an investigation into the bank's sales of mortgage securities before the financial crisis.
Deutsche Bank has been working to improve compliance and clean up a reputation dented by a series of probes into its role in the sale of toxic debt, manipulation of interest-rate benchmarks and failure to prevent possible money laundering in Russia.
The functionality of the banks mobile devices will be switched off this quarter, chief regulatory officer Sylvie Matherat and chief operating officer Kim Hammonds told staff in a memo on Friday, according to a person with knowledge of the matter.
Unlike emails, text messages can't be archived by the bank.
