Deutsche Bank asked to pay former employee US$3m in damages

[NEW YORK] Wall Street's industry-funded watchdog on Monday asked Deutsche Bank to pay US$3 million in compensation damages to Jorge Usandivaras, the former head of its Latin American Strategic Transactions unit.

Mr Usandivaras had initially filed for US$4.5 million in compensatory damages, claiming the bank had breached his employment contract and acted in violation of US labour laws.

He also claimed that Deutsche Bank had acted in contravention to the Sarbanes-Oxley Act that protects whistleblowers.

The Financial Industry Regulatory Authority (FINRA) found Deutsche Bank liable to pay damages.

Mr Usandivaras joined Deutsche Bank in April 2012 as a managing director, having previously worked at Banco Itau.

Mr Usandivaras' LinkedIn profile shows he worked for about two years with the German bank.

REUTERS