Germany’s biggest bank has dismissed several traders who systematically helped clients evade VAT, a German newspaper reported. The move is apparently part of a new clean-up drive at Deutsche Bank.
At least five of the company’s employees have been asked to clear their desks, the Süddeutsche Zeitung reported on Thursday.
The bank would not comment on the specific report, but pointed to “culture change” recently announced by the new joint CEOs Jürgen Fitschen and Anshu Jain, who declared that “not everything that was legal was legitimate.”
The co-chairmen promised that the bank would no longer engage in business that damages its reputation. “We mean it seriously,” Jain said recently.
The dismissed workers reportedly cooperated with an international group that deprived the German state of several hundred million euros by trading CO2 emissions credits. A number of firms were awarded illegitimate tax rebates by capitalizing on so-called VAT “carousel frauds,” the paper said.