This financial penalty is a record in the file on which regulators are investigating worldwide for several years. The previous record was held by the Swiss bank UBS, which was fined $ 1.5 billion in 2012.
In detail, the first German bank will pay $ 775 million to US Department of Justice (DoJ), 800 million of the regulator CFTC commodity markets, 600 million financial services regulator of New York (DSF) and 344 million in the UK regulator FCA, said a statement from the DOJ.
– Traders dismissed –
Deutsche Bank, who is torn between the political pressures wanting to see remain the “ Bank of all Germans “and ambition to compete with the Anglo-Saxon giants of the sector, has also agreed to dismiss traders operating in New York, London, Tokyo and Frankfurt.
“ If a number of employees being involved in embezzlement has already left the bank, those still in place should be notified of the termination of their contract and the prohibition to operate in the New York financial system , “said Benjamin Lawsky DSF, renowned hard with the big banks.
Saying “ accept the conclusions of regulators “, the two co-managers of the bank, Jürgen Fitschen and Anshu Jain, said on Thursday regret “ deep “what happened.
The cost is heavy because the bank had to spend a charge of $ 1.5 billion in its accounts for the first quarter.
The regulators accuse Deutsche Bank traders colluding with their peers from other big banks between 2005 and 2009 to distort the Libor interbank rate, which affects loans to households and businesses.
In an exchange in September 2006 by the investigators obtained a Deutsche Bank trader in London trying to get a colleague Barclays that it lowers the rate level.
– “I beg you, do not forget me … please I’m on my knees
-. I told them up on the ( rates) one month is it going ‘
– Please do pal insists as you can (…) I beg you Can you in your turn to beg him. guys panel
‘I pass him the message. ”
– Plead guilty –
The Libor (London Interbank Offered Rate) is set in London and serves as a reference for about 360.000 billion contracts worldwide.
It is available for several major currencies such as the dollar, euro, yen and sterling. Each time, the rates are calculated from a range of 6 to 18 banks.
In order to restore credibility, the UK authorities have since increased the rates under the responsibility of the exchange operator NYSE Euronext.
“ The Deutsche Bank embezzlement affected not only counterparties that unsuspecting, but also undermined the integrity and competitiveness of the financial markets everywhere ” deplores Bill Baer, Deputy Minister of Justice.
A subsidiary of Germany’s biggest bank, DB Group Services Limited, has also agreed to plead guilty and admitted failure of its control systems.
This decision prevents the parent possibly losing its banking license in the United States. However, it signed a “ deferred prosecution agreement ” that is to say an agreement in which it recognizes the fact and agrees not to commit similar offenses. In exchange, the authorities waive the criminal prosecution.
The Libor scandal erupted in 2012 when Barclays revealed that she had to pay 290 million pounds to end investigations in the United Kingdom and the United States.
Heads have already fallen, the flamboyant CEO of Barclays Bob Diamond was forced to resign.
brokers have been suspended. A first criminal trial of three traders (UBS, Citigroup and RP broker) should be held this year in London.
Deutsche Bank, whose name is mentioned in a 6000 dispute, has not so far done with the US authorities.
The DFS investigation of its trade relations with countries under US economic embargo and its role in the case of manipulation of exchange rates in particular.
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