A banker will get to keep his job after he was the only one to confess that he and his co-workers attended a strip club and attempted to charge the bank for their visit.
Deutsche Bank opened an investigation after four bankers tried to expense a tab for their February visit to the club Sapphire New York that topped $1,000. Though three bankers insisted the tab was rung up at a steakhouse the strip club also operates, a junior banker, the only one to remain employed with the company, confessed that the group had actually gone to the club and “did in fact express contrition” for the visit, insiders told the New York Post.
“It really was about the cover-up and the deception,” a source told the outlet. “The cover-up was worse than the crime.”
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A spokesperson for Deutsche Bank said the bank “thoroughly investigates allegations of possible misconduct comprehensively and without bias” and takes “remedial action as appropriate” for employees who break its Code of Conduct or Company Policy.
The bank treats any situation in which two or more employees are together as a corporate event and considers going to a strip club with colleagues a violation of company policy, those with knowledge of the bank’s practices said. At least one employee who did not visit the club with the group was still fired in connection to the incident, though details about that decision were not provided.
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The fired bankers lost out on bonuses, with two employees losing as much as $6 million in deferred compensation, sources said.
Deutsche Bank has not yet responded to the Washington Examiner’s request for comment.
