Deutsche Bank appoints two new IT chiefs to repair regulatory lapses

|About: Deutsche Bank AG (DB)|By:, SA News Editor

Deutsche Bank (NYSE:DB) has hired two technology execs as an effort to step up its regulatory lapses identified by the New York Fed.

"Over the next year, our local management team will be very focused on building our capabilities across all critical infrastructure areas to best support our growing U.S. franchise,” says CEO of North America Jacques Brand.

The New York Fed warned Deutsche Bank over its shoddy financial reporting and weak technology systems last December, and it is now concerned that the bank will get its records in order by next year. In 2015, all large foreign lenders located in the U.S. will have to present how they comply with new strict foreign bank rules.