Deutsche Bank Bans Text Messaging, Messaging Apps On Company Phones

Deutsche Bank has begun banning the ability for employees to text message and use apps like WhatsApp on phones the company issues.

According to a Bloomberg report, which cited a staff memo issued Friday (Jan. 13) by Chief Regulatory Officer Sylvie Matherat and Chief Operating Officer Kim Hammonds, the Wall Street bank said the move is designed to improve the compliance practices at the company.

In the memo, the executives said the ability to text and use communications apps will be shut off during the first quarter of 2017. “We fully understand that the deactivation will change your day-to-day work, and we regret any inconvenience this may cause,” Matherat and Hammonds said in the memo obtained by Bloomberg. “However, this step is necessary to ensure Deutsche Bank continues to comply with regulatory and legal requirements.”

The new policy also covers employees’ private phones that are used for work purposes. WhatsApp, Google Talk and iMessage are also part of the ban.

The move on the part of Deutsche Bank comes as the investment bank strives to improve compliance and improve its reputation, which took a big hit because of a series of inquiries into the sale of toxic debt, allegations of manipulating interest rate benchmarks and failure to stop potential money laundering in Russia. Bloomberg noted Chief Executive John Cryan has made overhauling the culture a key focus of his revamping. In December, Deutsche Bank reached an agreement with the Department of Justice to settle an inquiry into its sale of mortgage securities ahead of the financial crisis. Deutsche Bank is paying $7.2 billion, noted the report. Bloomberg noted that Deutsche Bank has been hit with greater than $13.9 billion in fines and legal settlements since 2008.