Deutsche Bank has been under a lot of scrutiny recently, mostly due to its role as the primary lender to President Trump. But it turns out the bank also has a questionable history in China, The New York Times, along with German newspaper Süddeutsche Zeitung, reports.
Beginning nearly two decades ago, Deutsche Bank, while seeking to make inroads in China, conducted a campaign that involved enriching Beijing's elite in exchange for contracts. This included some lavish gifts for the country's former president and premier and millions of dollars paid to Chinese consultants. It also meant that the bank reportedly hired more than 100 relatives of the country's political elite, even if they were unqualified.
For example, a man named Ma Weiji was considered "one of the worst candidates" for the job he applied for with the bank, but he was brought on anyway in 2007, likely because his parents were senior executives at state-owned companies, per a senior bank executive. Ma reportedly then secured meetings for Deutsche Bank with his parents' companies.
In another instance, China's former propaganda minister's son was up for a gig. One Deutsche Bank employee wrote in an email that the son "cannot meet our standard," but - you guessed it - he was offered the job, anyway. The same goes for another candidate who was deemed unqualified, but happened to be the daughter of Li Zhanshu, who is now a top member of the Politburo Standing Committee. Read more at The New York Times.