Deutsche Bank Says Trade Reported by WSJ Didn’t Manipulate Libor

Deutsche Bank Headquarters

Deutsche Bank has denied that trades it made linked to benchmark interest rates in 2008 were illegal after the Wall Street Journal said it recorded a profit of at least $654m from the transactions.

Bloomberg reports that Frankfurt-based Deutsche Bank 'diversified and lowered the bank’s portfolio risk' at the peak of the financial crisis, just like many in the market, it said in an e-mailed statement Thursday.

The strategy 'was based on a market view about the likely direction of interest rates and not on any belief that the bank could inappropriately influence interbank lending rates', according to the statement.

Hit the link below to access the complete Bloomberg article:

Deutsche Bank Says Trade Reported by WSJ Didn’t Manipulate Libor

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