See no evil

April 23, 2015 09:53 AM

Deutsche Bank said none of its management board members had been found to have been involved in or aware of efforts by dozens of its staff to manipulate benchmark interest rates like Libor over a seven year period.

U.S. and British regulators fined Deutsche Bank a hefty $2.5 billion, and its key London subsidiary pleaded guilty to benchmark interest rate rigging on Thursday as it became the latest financial group to settle allegations of misconduct.

The bank acknowledged that it suffered defects and delays in producing documents and telephone recordings for investigators.

It said it had disciplined or dismissed individuals involved in the trader misconduct and strengthened internal controls.

Juergen Fitschen and Anshu Jain, Co-chief executive officers of Deutsche Bank, said: "We deeply regret this matter but are pleased to have resolved it."

About the Author