Deutsche Bank, Europe’s biggest investment bank by revenue, will review whether to punish senior employees including Alan Cloete for their roles in the interest-rate rigging scandal, according to a person with knowledge of the matter. Deutsche Bank’s supervisory board will discuss punishments early in the week of Jan. 27, said the person, who asked not to be named as the meeting isn’t public. These include firing or disciplining Cloete -- who oversaw traders alleged to have sought to rig benchmark rates -- and employees responsible for how the bank dealt with the scandal, the person said. The potential sanctions follow a Jan. 5 report in Der Spiegel that German banking regulator Bafin told Deutsche Bank in August that its management and supervisory boards didn’t adequately investigate and address the alleged rate-rigging. The German news magazine didn’t say where it got the information. [Bloomberg]
Deutsche Bank Puts Traders Who (Allegedly) Took Libor Into Their Own Hands In A Time Out
That's them, pictured at left.
Searching For The Right Words To Use When Firing Someone? Deutsche Bank's Got A Script For That
Don't "become involved in a detailed discussion of the facts".