Deutsche Bank Spied on Union Member Suspected of Earnings Leak

[Omaha Steve]

http://www.bloomberg.com/apps/news?pid=20601100&sid=a9LHKO5zUu_M

By Aaron Kirchfeld

July 6 (Bloomberg) -- Deutsche Bank AG, Germany’s biggest bank, spied on a supervisory board member it suspected of leaking earnings eight years ago.

The bank apologized to Gerald Herrmann, a former member of the bank’s supervisory board and labor representative, for hiring a private detective to monitor him, a spokesman for Deutsche Bank said today. The Frankfurt-based lender suspected Herrmann of leaking earnings to the Reuters news agency, Der Spiegel reported earlier today.

“We informed Mr. Herrmann about the incident from 2001 and have apologized,” Ronald Weichert, a spokesman for the bank said by telephone today. “We also told him that the actions at the time in no way showed that he was the source of the indiscretion.”

Bafin, the country’s financial regulator, is leading a separate probe into the activities of Deutsche Bank’s corporate security department. Chief Executive Officer Josef Ackermann is also overseeing the bank’s own investigation into the surveillance operation, and has hired an outside law firm.

“Deutsche Bank will draw the respective conclusions and will immediately take all necessary measures,” Weichert said.

FULL story at link.