Deutsche Bank AG is facing a probe by Germany’s financial supervisor after it failed to remedy software issues at its retail unit Postbank that contributed to disruptions of customer business.
Watchdog BaFin has “observed considerable disturbances in the handling of customer business” at Postbank, it said in a statement on its website. The regulator added it’s examining whether there are shortcomings that are relevant from a supervisory perspective.
“Alongside various disruptions to online and mobile banking and the limited availability of telephone customer services, the disturbances include long processing times for bank account attachment and inheritance matters, account closure/settlement and the repayment of savings deposits”, BaFin said. The probe is another setback for Deutsche Bank in its long-running effort to simplify its computer systems. The lender has been trying to overhaul or retire the IT at its Postbank subsidiary for more than a decade and in July declared the completion of the plan — known internally as Project Unity — to migrate client data to its owns systems.
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