Customers of two Deutsche Bank units have lodged a surge in complaints with Germany's consumer protection agency, the advocacy group said on Monday, as the...
FRANKFURT - Customers of two Deutsche Bank units have lodged a surge in complaints with Germany's consumer protection agency, the advocacy group said on Monday, as the banking giant scrambles to make good with aggravated clients.
The issue has drawn the scorn of the nation's top regulator and a mea culpa from Deutsche's chief executive. It is a setback for Deutsche's effort to restore credibility after fines over the last decade for lapses in money-laundering controls and other penalties. "Banks are cutting more and more jobs, which also affects customer service, so consumers are ultimately helpless when problems arise," said Ramona Pop, head of VZBZ.
BaFin's president later called the matter "unacceptable" and installed a special monitor at Deutsche."We have not lived up to our responsibility," he said.