Deutsche Bank to monitor UK staff emails

Deutsche Bank is to monitor UK staff emails to pre-empt market abuse at its investment banking arm, reflecting a growing trend for banks to monitor their employees' work.

Andrew Proctor, Deutsche Bank's head of compliance in Britain and Western Europe, told Reuters they were awaiting the proposals of software vendors.

"(After) discussion between compliance and senior management we see it as prudent to monitor our risk ... to reduce the risk of breaches," he said.

"We are already in discussion with (software) vendors and they are putting together proposals in the next two months."

He said the plan had been under consideration since last autumn and had not been sparked by a specific event. Earlier this month the bank fired a credit derivatives trader who had reportedly overstated profits by £30 million.

Deutsche will look for specific keywords in email traffic relating to particular transactions or between groups of staff or emails at certain times.

It also intends to monitor email chat between the private and public sides of the bank.

"Rather than put in an absolute bar (between public and private) we want a flag raised which has to be specifically overridden, and then captured as management information," Mr Proctor said.

The bank's decision follows investigations in the US where a New York attorney used emails as evidence against banks charged with conflicts of interest.

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