Deutsche finds collusion on rates possible
Source: Agencies |
July 25, 2012, Wednesday
|
Print Edition
Print Edition
A DEUTSCHE Bank internal probe has found two of its former traders may have been involved in colluding to manipulate global benchmark interest rates but there was no indication of failure at the top of the organization, three people close to the investigation said.
The preliminary conclusion contrasts with Barclays, which last month reached a US$450 million settlement with US and UK regulators over its involvement in alleged manipulation of the London interbank offered rate (Libor).
Failings at the British bank cost the chairman, the chief executive and the chief operating officer their jobs and the bank has instigated a wholesale review of its organization.
Deutsche Bank declined to comment on the status of its internal probe. This is separate from a special probe of Deutsche Bank initiated by German markets regulator Bafin.
It remains unclear when the internal probe is set to conclude, the people familiar with the investigation said.
Bafin has been briefed on preliminary findings of the internal probe, which was initiated a year ago, these sources said.
The traders no longer work at Deutsche Bank, and could not be reached for comment.
The preliminary conclusion contrasts with Barclays, which last month reached a US$450 million settlement with US and UK regulators over its involvement in alleged manipulation of the London interbank offered rate (Libor).
Failings at the British bank cost the chairman, the chief executive and the chief operating officer their jobs and the bank has instigated a wholesale review of its organization.
Deutsche Bank declined to comment on the status of its internal probe. This is separate from a special probe of Deutsche Bank initiated by German markets regulator Bafin.
It remains unclear when the internal probe is set to conclude, the people familiar with the investigation said.
Bafin has been briefed on preliminary findings of the internal probe, which was initiated a year ago, these sources said.
The traders no longer work at Deutsche Bank, and could not be reached for comment.
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