Deutsche Bank Pools Control Functions Amid $8.3B Overhaul

Law360, London (July 8, 2019, 10:40 AM BST) -- Deutsche Bank will combine its compliance, anti-crime and risk management divisions into one operation after a series of investigations into misconduct, in a move that is part of a €7.4 billion ($8.3 billion) restructuring plan that will see 18,000 jobs slashed worldwide.

The German lender said Sunday that the new division consolidating its risk control teams will be better at monitoring and preventing financial crime as it commits to a massive reshuffle of its global operations.

The cuts are the biggest since the financial crisis and come amid a brewing scandal into a major tax evasion scheme that has turned a...

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