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2017-04-20

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[I] Deutsche Bank pays record $2.5bn fine for Libor manipulation

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International

[ 2015-04-24 ]

Deutsche Bank pays record $2.5bn fine for Libor manipulation
Deutsche Bank has paid a record $2.5bn to
authorities in the US and UK to settle allegations
that it manipulated the Libor benchmark rate, a
key interbank borrowing rate that underpins as
much as $350tn of debt worldwide, from student
loans to complex financial instruments.

In addition to forking out the largest total fine
to date in the worldwide investigation into the
Libor scandal, Germany’s biggest bank was ordered
to dismiss seven employees, while a London
subsidiary, DB Group Services, is pleading guilty
to US criminal wire fraud charges.

The fines come at a critical juncture for Deutsche
as it prepares to present a key strategic plan to
its supervisory board on Friday designed to cement
its position as Europe’s leading investment bank.

The Libor scandal has claimed several executives’
scalps at institutions that have settled with
authorities: Bob Diamond, Barclays’ former chief
executive, was forced out shortly after that
bank’s fine.

While Anshu Jain, Deutsche’s co-chief executive,
was head of its investment bank during the alleged
Libor rigging, the bank said he had been cleared
of any wrongdoing and Mr Jain himself has told
colleagues he had no intention of standing down.

However, some legal experts suggested the bank’s
top echelons had been tainted by the scandal. “It
seems hard to imagine a situation today where such
widescale misconduct could be carried out without
the executive management knowing or at least
turning a blind eye,” said Tony Brown, managing
director of Bivonas Law.

Deutsche has paid out £227m to the UK’s Financial
Conduct Authority, $775m to the US Department of
Justice, $800m to the Commodity Futures Trading
Commission and $600m to the New York Department of
Financial Services. It is the first time that the
DFS, led by the combative Benjamin Lawsky, has
been involved in a Libor settlement.

Deutsche — the seventh financial institution to be
fined by the US and the UK in their seven-year
investigation — admitted in Thursday’s settlement
that its employees had rigged yen Libor and the
Brussels and Tokyo equivalents, Euribor and Tibor,
to benefit their trading book and those of traders
at other banks.

At least 29 Deutsche employees, including a senior
manager and mid-level managers, traders and rate
submitters in Frankfurt, New York, London and
Tokyo, were involved, the FCA said.

Deutsche drew particular criticism and was handed
the second-largest fine in the FCA’s history for
misleading the British watchdog during the
investigation.

“Deutsche Bank’s failings were compounded by them
repeatedly misleading us. The bank took far too
long to produce vital documents and it moved far
too slowly to fix relevant systems and controls,”
said Georgina Philippou, acting director of
enforcement.

Source - FT



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