Deutsche Bank called it Project Dastan, a Persian word for the kind of ornate oral histories that are common across Central Asia, including heroic tales of resistance to Russian occupation.
Bloomberg New reports that but, in this case, Dastan is a code name for an internal probe into whether executives at the embattled bank breached anti-bribery rules by getting too cozy with Russian officials—specifically by hiring their kids to win business.
The bank’s investigation into its own hiring practices was detailed for the first time in a lawsuit last week by a former executive, Nizar Al-Bassam.
In the meantime, Bloomberg also reports that Perella Weinberg Partners, the boutique investment bank founded by Joe Perella and Peter Weinberg, is weighing separating its asset-management unit as it considers plans for a potential initial public offering, according to people familiar with the matter.
The asset-management unit, run by Tarek Abdel-Meguid and Aaron Hood, could seek to spin itself out of the parent company to its partners and management team, said one of the people. Perella Weinberg is considering a range of options and no final decisions have been made on a potential split or IPO, said the people.