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Thursday, 13 July 2017

Commerzbank Banker Says He Was Told to Shut Up on Compliance - Bloomberg

Commerzbank Banker Says He Was Told to Shut Up on Compliance - Bloomberg:

"A former Commerzbank AG executive said in a London employment lawsuit that he was told to "shut up," harassed and eventually let go after he blew the whistle on corporate misconduct at the German lender. Najam Khan, who was head of corporate finance and Middle East Islamic finance in Dubai, said the bank ignored his repeated concerns over the lender’s failures to properly separate the private and public sides of the business, according to his statement in the employment tribunal case Thursday. Khan said a 2016 layoff was used to terminate him after he flagged the issues. Khan said that his superior, global head of corporate finance Roman Schmidt, rebuked his attempts to point out that the bank’s units weren’t adequately divided. Banks are required to split the business areas to avoid information sharing that could lead to conflicts of interest or insider trading ahead of deals."



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