Tags: Deutsche Bank, LIBOR, suspensions, you can come down when we tell you you can come down
That’s them up there on the giant logo.
Deutsche Bank has suspended five traders suspected of inappropriate conduct following an internal investigation into possible manipulation of the Europe Interbank Offered Rate (Euribor), a source familiar with the matter said on Wednesday. Germany’s flagship lender launched an internal investigation after regulators drew attention to potential involvement of Deutsche Bank staff in a global scam to manipulate benchmark inter-bank lending rates. The traders, who worked on Deutsche Bank’s money market team in Frankfurt, were suspended on Tuesday, the source said. Deutsche Bank, which suspended two traders last year for involvement in the manipulation of Libor (London interbank offered rate), would not say how many traders were suspended. It added that no current or former board members have been implicated…Libor is just one of a raft of legal problems haunting Deutsche. It faces lawsuits accusing the bank of misleading investors about the quality of risky residential mortgage-backed securities, and it saw senior executives drawn into a widening tax evasion probe linked to carbon trading following a raid on its headquarters.
Exclusive: Deutsche Bank suspends traders over Euribor [Reuters]