German regulator fines Deutsche Bank €8 million in Postbank customer migration
Germany's financial regulator BaFin said on Thursday that it had fined Deutsche Bank €8 million ($8.86 million) for shortcomings in migrating customers of its Postbank unit to a shared IT platform.
The watchdog said Deutsche Bank "failed to put in place appropriate organisational arrangements to deal promptly with the increased volume of customer complaints arising from the migration of customer data." "Furthermore, the company failed to execute orders for the transfer of securities accounts without delay," it added.
Deutsche Bank didn't immediately respond to a request for comment. ($1 = 0.9027 euros)
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