The guy in charge of it, Stefan Krause, said as much yesterday in a conference call with analysts. Well, sort of as much. Basically, he and the rest of Team Deutsche heard what the Federal Reserve had to say re: the U.S. operation being in such bad shape that it ought to be stripped and sold for parts, and in response, said “Hey!” and also “We’re workin’ on things” but to be patient because this thing in its current form is a real joke.
Chief Financial Officer Stefan Krause…moved to address Fed’s concerns, making the following comments: Like many of our peers, we are investing heavily into the systems and processes. We need to ensure that we fulfill our regulatory reporting requirement. As we stated, we are investing €1 billion to ensure our systems and controls are best-in-class [by] dedicating 1,300 people to the effort including around 500 being hired in the U.S. this year. We’re building a long-term sustainable strategic architecture to meet this requirement. By its nature, that architecture is complex and will take time to complete. Nonetheless, we are confident that the program we have in place will fully address our regulatory reporting requirements within the necessary time-frame. That said, please keep in mind that these statements refer exclusively to our regulatory reporting requirement. Our financial reporting has always been reliable and accurate.