Money Laundering Scandals Bring Court Charges and Record Job Cuts to Euro Banks

The international financial establishment is known to express concern about the risks of money laundering when the crypto space is mentioned. A string of scandals indicates, however, that traditional banks are not only susceptible to the phenomenon but sometimes complicit, whether knowingly or inadvertently. New chapters have been added to the saga over the last few months that are hurting banks, bankers and their clients.

Also read: Three Bank Failures Open New Chapter in Never-Ending Financial Crisis

Deutsche Bank Prepares to Lay Off 20,000 Employees

Deutsche Bank, one of the biggest names associated with money laundering accusations, has been dogged by many problems during the past year. The leading German financial institution is now preparing for a major reorganization that may include the sacking of up to 20,000 employees, if the plan is approved at the end of this week.

The changes come after a failed merger with Germany’s Commerzbank a couple of months ago, which was eventually deemed too risky by the teams of both banks. It did not materialize, despite the support of the federal government in Berlin.

Many of the layoffs are expected to affect Deutsche Bank’s investment banking offices in London and New York. According