Yes, of course it’s theoretically possible that management could go through and fix everything that’s wrong with the firm’s U.S. operations but, really, this is more of a tear down job.

An examination by the Federal Reserve Bank of New York found that Deutsche Bank AG’s giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems, according to documents reviewed by The Wall Street Journal. In a letter to Deutsche Bank executives last December, a senior official with the New York Fed wrote that financial reports produced by some of the bank’s U.S. arms “are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm’s entire U.S. regulatory reporting structure requires wide-ranging remedial action.” [...] The Dec. 11 letter, excerpts of which were reviewed by the Journal, said Deutsche Bank had made “no progress” at fixing previously identified problems. It said examiners found “material errors and poor data integrity” in its U.S. entities’ public filings, which are used by regulators, economists and investors to evaluate its operations. The shortcomings amount to a “systemic breakdown” and “expose the firm to significant operational risk and misstated regulatory reports,” said the letter from Daniel Muccia, a New York Fed senior vice president responsible for supervising Deutsche Bank.

Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said [WSJ]

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Comments (5)

  1. Posted by J. Dimon | July 22, 2014 at 9:16 PM

    Yeah! Get your fucking house in order.

  2. Posted by Swag | July 23, 2014 at 10:42 AM

    Hows the cancer big dog

  3. Posted by guest | July 23, 2014 at 11:45 AM

    not cool

  4. Posted by guest | July 23, 2014 at 11:45 AM

    fuck off

  5. Posted by guest | July 23, 2014 at 11:45 AM

    never comment again