The record fine comes from CFTC, NYDFS, DOJ and Britain’s FCA
Global regulators have Thursday slapped
Deutsche Bank with fines amounting to more than $2.5 billion
over the manipulation of London, Euro and Tokyo benchmark
The bank has been ordered by regulators to
pay record fines of $2.5 billion, and must terminate and ban
individual employees who engaged in misconduct, and install an
independent monitor for New York Banking Law violations.
The bank’s fines are in
connection to manipulation of benchmark interest rates
including the London Interbank Offered Bank (Libor); the Euro
Interbank Offered Rate (Euribor); and Euroyen Tokyo Interbank
Offered Rate (Tibor), known collectively as Ibors.
The $2.5 billion penalty Deutsche Bank
will pay includes $600m to the New York State Department of
Financial Services (NYDFS), $800m to the US Commodity Futures
Trading Commission (CFTC), $775m to the US Department of
Justice (DOJ), and £227m (about $340m) to
Britain’s Financial Conduct Authority (FCA).
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.