So, Deutsche Bank's 500 new US compliance hires didn't seem to work out

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So, Deutsche Bank's US business didn't make it through yesterday's stress test due to what the Wall Street Journal (parsing the Fed) describes as, '“numerous and significant deficiencies” across several areas of the capital-planning process, including the bank’s ability to identify risks.'

The outcome is particularly galling because Deutsche has been here before. In July 2014, the bank was lambasted by the NY Fed for "low quality, inaccurate and unreliable" regulatory reports. Around the same time it coincidentally announced plans to hire 500 people for its US risk, compliance and technology business by the end of 2014.

Did those hires happen? Deutsche has 2,259 FINRA registered employees in New York City, and 1,785 NY-based Deutsche employees with publicly searchable resumes list 'risk' as a key skill. That looks like a healthy proportion of risk staff. - But maybe it's not enough.

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