Deutsche Bank Benefited From Libor Trades: Report

Deutsche Bank - External

Germany's Deutsche Bank benefited from trades pegged to the London Interbank Offer Rate (Libor) currently under investigation, the Wall Street Journal reported on Thursday, adding that the bank made at least 500 million euros ($654 million) in profit from the trades in 2008.

Bets worth billions of euros related to Libor and other global benchmark rates were placed by the firm, the newspaper said, citing internal documents from the firm.

It added however that the documents did not prove that the trades made by the bank affected the market or were illegal.

A spokesperson for Deutsche Bank was not immediately available in Frankfurt or London.

(Read More: UBS Says Cleaning Up Its Act After Libor 'Shocker' )

Investigations into the Libor scandal have already resulted in 18 UBS staff being sacked and the bank handing over $1.5 billion. U.K. bank Barclays paid out a $450 million in June for its part in the scandal, with CEO Bob Diamond also resigning.

The estimated rates at which banks lend to one another are compiled each day into one figure known as the London Interbank Offer Rate. Regulators from around the globe have uncovered widespread manipulation of Libor, and other related rates, and more than a dozen firms have received subpoenas and information requests.

(Read More: UBS Traders' 'Humongous' Libor-Fixing Boasts )

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