Is really not that bad! Sure, John Cryan & co. will be cutting another novelty-sized check at the conclusion of yet another probe into alleged wrongdoing. But that’s one less challenge—not that there aren’t still plenty more!—and they won’t even be writing it out to the Justice Department, which has decided to let this one go, possibly to focus more attention on its other criminal investigation into the bank over violating sanctions on Russia.
The German lender said Monday that the U.S. Justice Department had closed a criminal inquiry into its currency-trading activities without action.
But regulators are in the final stages of their own reviews of that conduct to determine what fines, if any, the bank should pay, the person said. The Federal Reserve has finished its investigation, the person said, and the New York bank regulator is close to wrapping up its own probe….
Deutsche Bank was the largest participant in the foreign exchange market to escape Justice Department action.
Deutsche Bank also announced a new initiative to avoid having to rely on fallible, layoff-able, subpoena-able humans to do its trading for it: DB is making like Ray Dalio and going all in on AI. That’ll fix everything!
Based in Lower Manhattan's Fulton Center, the lab's team will help the bank deploy technology in artificial intelligence, cloud and cyber security and other areas, the German bank said on Tuesday….
The other Deutsche Bank labs - based in Berlin, London and Silicon Valley - have so far led to deployments of technology that can help the bank improve the resilience of its network and enhance its ability to design digital interfaces, said Elly Hardwick, head of innovation at the bank.