Regulator extends probe into rate rigging at Deutsche Bank

Deutsche Bank - External

Germany’s financial regulator, BaFin, is extending investigations into alleged interest-rate manipulation at Deutsche Bank, German magazine Der Spiegel reported.

Bloomberg News reports that BaFin mandated audit company Ernst & Young LLP to discover more about when Anshu Jain, the company’s co-chief executive officer, learned first about a potential manipulation of benchmark interest rates in the industry and at Deutsche Bank, Spiegel said, citing information from the mandate description.

The regulator defined 10 areas at which the auditors are supposed to take a closer look, with Jain being listed as a key person in six of them, according to Spiegel.

'Deutsche Bank has received subpoenas and requests for information from various regulatory and law enforcement agencies in Europe, North America and Asia Pacific in connection with industrywide investigations concerning the setting of London Interbank Offered Rate, Euro Interbank Offered Rate, Tokyo Interbank Offered Rate and other interbank offered rates', Regina Schueller, a spokeswoman for the bank, said in an e-mail. 'Deutsche Bank is cooperating with these investigations'.

To access the complete Bloomberg News article hit the link below:

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