Oh, how nice it would be if you could rely on customer advisors to provide correct information about investments in banking transactions!
And how nice it would be if you could trust that there are fair prices for everyone on the stock exchange and that nobody takes advantage of insider knowledge!
However, banks thoroughly gambled away this trust at the latest with the financial crisis.
Lawmakers have responded to their misconduct.
Banks now have to store phone calls with their customers for years.
It's very bureaucratic, and it's questionable whether it will increase customer trust.
But it is true that bank supervisors check whether financial institutions comply with the rules.
Here US authorities show more bite than German.
They have now sentenced Deutsche Bank, including its fund company DWS, as well as more than a dozen other Wall Street houses, to high fines because bank employees communicate with customers via services such as Whatsapp, mix private and business matters and the long storage of conversations is hardly given there .
The banks brought themselves the penalties twice over: First they destroyed trust, then they violated the rules.