UK want quick Deutsche Bank Libor settlement

Thu Oct 16, 2014 11:56 AM
Thu Oct 16, 2014 11:56 AM

U.S. prosecutors are also discussing plans to force Deutsche Bank to plead guilty to attempting to manipulate Libor, the interest rate benchmark that underpins trillions of dollars in mortgages, derivatives and consumer credit, the New York Times reported separately, citing legal sources.Officials have not made a final decision, the New York Times added.Deutsche Bank is two years into a turnaround plan launched in 2012 that has seen costs fall and operating profit leap, but the threat of further penalties from alleged misconduct has cast a shadow over the share price and management's success claims

The bank's own investigation has not uncovered any evidence of wrongdoing by senior executives, but did find that "certain employees, acting on their own initiative, engaged in conduct that falls short of the bank's standards," the bank said in a statement.

U.S. prosecutors are also discussing plans to force Deutsche Bank to plead guilty to attempting to manipulate Libor, the interest rate benchmark that underpins trillions of dollars in mortgages, derivatives and consumer credit, the New York Times reported separately, citing legal sources. Officials have not made a final decision, the New York Times added.

Deutsche Bank is two years into a turnaround plan launched in 2012 that has seen costs fall and operating profit leap, but the threat of further penalties from alleged misconduct has cast a shadow over the share price and management's success claims.

The bank's own investigation has not uncovered any evidence of wrongdoing by senior executives, but did find that "certain employees, acting on their own initiative, engaged in conduct that falls short of the bank's standards," the bank said in a statement.


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