According to Bloomberg reports, A German multinational investment bank and financial services company, Deutsche Bank, announced that the bank will cut bonuses for staff misusing WhatsApp messaging services for business communications.
Currently, Deutsche Bank said in a statement, “We have a consequence management framework in place.”
“Depending on the quantity and quality of violations this will also impact performance evaluation, individual compensation, and promotion and can lead to disciplinary measures”, the bank statement added.
According to reports, If the employees are found using unauthorized devices or messaging apps this will result in a reduction in variable pay. The pay cuts will be awarded for last year.
Additionally, Deutsche Bank is not the only bank that has taken such a step earlier, Barclays has also reportedly made bonus cuts to penalize staff members who use WhatsApp messaging. Additionally, Earlier in November, Deutsche Bank announced that the bank will pay an inflation bonus to its employees.
The bank’s network spans 58 countries with a large presence in Europe, the Americas, and Asia. As of 2021, Deutsche Bank was the 21st largest bank in the world by total assets and 93rd in the world by market capitalization. As the largest German banking institution, it is a component of the DAX stock market index. It is considered a systemically important bank by the Financial Stability Board.
The company is a universal bank with four major divisions: Investment Bank, Corporate Bank, Private Bank and Asset Management (DWS). Its investment banking operations often command substantial deal flow.