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Deutsche’s latest writedown… CDOs? Or rather seedy hos.

It appears that Deutsche’s senior staff have been having rather too much fun in order to alleviate the credit crunch blues…

Germany’s biggest bank today banned staff from visiting brothels on expenses and putting hotel TV porn channels on their company credit card.

The story, via Crossing Wall Street, references a memo leaked to German news magazine Der Spiegel.

The fact that the edict was aimed at the banks’ communications and social responsibility department makes it all the more delightful.  The aim of the memo is to stamp out “minor infringements” and includes general expenses limitations such as approval for taxis and £50 lunches.

“Deutsche Bank does not approve of any adult entertainments and such expenditures will not be reimbursed”

However, the specific mention that Deutsche Bank disapproves of “adult entertainments” does raise two key questions:

Firstly, how much do you need to be spending on hotel porn channels for this to qualify as a cost cutting measure? Secondly, are senior staffers still allowed to withdraw cash?

Related links
Credit crunch crackdown hits City bankers’ expenses - Daily Mail
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