Deutsche Bank to require one board member to be accused of financial crimes before underwriting IPOs

NEW YORK, NY – Deutsche Bank AG is following in the footsteps of Goldman Sachs and has announced new requirements in order for them to participate in future IPOs.

The German multinational investment bank says they won’t assist in taking a company public unless at least one board member of that company has been accused of a minimum of one financial crime.

Reaction to the news has been mixed with some groups supporting such a bold statement while others oppose the plan. Deutsche Bank says the blowback is largely due to a misunderstanding.

“I think the reaction to our announcement has been a bit overblown,” stated Daniel Hunter, spokesperson for Deutsche Bank. “We are making a clear distinction between being accused of a financial crime and being convicted of a financial crime.”

Deutsche Bank AG shares rose on the news.