Deutsche Bank’s co-Chief Executive Officer Anshu Jain has turned down a request by the German parliament to testify at a hearing about allegations of manipulation in the London interbank offered rate.
Bloomberg reports, however, that Stephan Leithner, Deutsche Bank’s most senior executive for legal affairs and compliance, will attend. The Bundestag’s finance committee, which listed Jain as a witness in a November 12th statement on its website, will hear representatives of banks and regulators on November 28th.
'We explicitly invited Jain to come to speak to us because he was and still is the person overseeing investment banking, the unit where all of this happened', Gerhard Schick, a Green Party opposition member of the committee, said in a telephone interview. 'If he’s not coming now, that’s quite vexing'.
Deutsche Bank is one of at least a dozen banks being probed over allegations of interest-rate rigging. Regulators from Canada to Switzerland are investigating whether banks lied to hide their true cost of borrowing and traders colluded to rig the Libor. The rate is the benchmark for more than $300 trillion of securities and is the basis for interest rates on securities from mortgages to derivatives.
Hit the link below to access the complete Bloomberg article: