Deutsche Bank said to determine whether to punish staff

Fist with pain tattoo

Deutsche Bank will review whether to punish senior employees for their roles in the interest-rate rigging scandal, according to a person with knowledge of the matter.

Bloomberg News reports that Deutsche Bank’s supervisory board will discuss punishments early in the week of January 27th, said the person, who asked not to be named as the meeting isn’t public.

These include firing or disciplining staff alleged to have sought to rig benchmark interest rates - and employees responsible for how the bank dealt with the scandal, the person said.

The company fired two traders at the end of 2011 for trying to rig rates and five employees in February 2013 for what it said was inappropriate communication with colleagues on rate submissions. Four of the fired won a wrongful dismissal lawsuit in September and recovered back pay after telling a labor court their bonuses were reduced as an initial sanction.

Hit the link below to access the complete Bloomberg article:

Deutsche Bank Said Set to Punish Staff on Libor

image: © Steven Depolo

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