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BERLIN - Deutsche Bank, Germany's largest, has been hit by the global credit crunch so badly that it has told senior executives brothel visits and adult channels in hotel rooms cannot be claimed on expenses.
The memo, which was leaked to the news magazine Spiegel, was aimed at 800 workers in the bank's communications and social responsibility department, but variations have been sent to all workers. Deutsche Bank has 78,000 staff worldwide.
Whether the edict was prompted by an upsurge in executives seeking relief from Deutsche Bank's sub-prime horrors - more than $5 billion in writedowns so far - via Germany's network of pleasure houses is unclear.
Further belt-tightening includes the instruction that bosses must approve taxi journeys in advance, and business meals must not exceed $125 a person.
- INDEPENDENT
