The importance of trust in management — lessons from Deutsche Bank’s money-laundering scandal
Business managers should always integrate the role of trust in business strategy and decision-making.
According to a The Wall Street Journal report, Deutsche Bank, Germany’s largest lender, was accused of money-laundering scandal. Deutsche Bank’s wrongdoing and mismanagement would suffer a serious setback.
“The investigation stemmed from information contained in the so-called Panama Papers and Offshore Leaks, a trove of confidential documents that helped to expose the workings of global money laundering and tax evasion.” — Ewing et al. 2018
Deutsche Bank employees were suspected of guiding customers to establish companies in offshore tax havens and transferred money earned through criminal activity using Deutsch Bank accounts. According to Melé’s book,
“Management from its very beginnings focused on people to improve efficiency, trying to achieve goals using a minimum of resources.” — Melé 2012
