Deutsche Bank AG agreed to pay $205 million to settle a long-running investigation of its foreign exchange trading by New York’s banking superintendent, resolving one of several remaining regulatory issues that have dogged the bank in the U.S, Bloomberg reports.
Employees at the bank participated in multiparty chat rooms where they shared confidential client information, discussed the coordination of trading activity and attempted to manipulate foreign exchange prices or benchmark rates, according to New York’s Department of Financial Services. The bank acknowledged those actions, which occurred from 2008 through 2013, in a consent order filed Wednesday.
The settlement leaves the bank with several significant unresolved investigations in the U.S., as it embarks on its fourth global turnaround plan in three years and is scaling back staff in the U.S. Deutsche Bank was one of the biggest participants in the foreign exchange market over the period covered by the DFS. It wasn’t called out for the sort of misdeeds that cost its rivals billions of dollars in earlier settlements with the U.S. Justice Department and led to guilty pleas from five global banks, Bloomberg reports.
In a statement, the Frankfurt-based lender said it was pleased that the New York regulator had recognized its “extensive cooperation and remediation” and that the settlement is fully covered by the bank’s existing provisions.
Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. The New York Post reports that banks such as Barclays, Citigroup and several others have paid hundreds of millions of dollars in fines since the scandal broke several years ago.
Deutsche said it was “pleased to resolve” New York state’s investigation.
International latest news2 weeks ago
‘Jexodus’ Group Helps Jewish Millennials Leave Democratic Party
Op-Ed1 week ago
Political Trends: Jew-Hate & Socialism Have Always Gone Hand-in-Hand
Health3 weeks ago
Measles Outbreak in Bklyn’s Orthodox Jewish Community Continues to Grow; Health Dept Warns Parents
Arts & Culture1 week ago
“The Spy Behind Home Plate” – Riveting Film on Unknown Jewish Hero
Arts & Culture1 week ago
“Highway Through History” Exhibit to Display Archaeological Finds Unearthed in Excavations at Tel Beit Shemesh
Politics1 week ago
PLEASE JOIN US NEXT THURSDAY: SIT-IN AT NANCY PELOSI’S OFFICE
Local3 weeks ago
Leaked CUNY E-mail Shows Kingsborough CC Downplays Anti-Semitism
National News3 days ago
Donald Trump Jr. Defends Chelsea Clinton After NYU Students Accuse Her of Inspiring New Zealand Mosque Massacre