Deutsche CEO hits out after allegations of more trader rigging

Pointing The Finger

Another day, another possible scandal

Deutsche Bank Co-Chief Executive Anshu Jain, whose company is the world’s biggest trader of currencies, said allegations that traders rigged those markets have further eroded trust in the financial industry.

The Federal Bureau of Investigation, which was already looking into alleged manipulation of the London interbank offered rate, or Libor, is in the early stages of a probe into the $5.3 trillion-a-day currency market, a person familiar with the matter, who asked not to be identified because the inquiry is confidential, told Bloomberg News on October 11.

'Issues like Libor manipulation, allegations of foreign-exchange manipulation, this is sapping at the very core of what we are trying to do' Jain, 50, said during a panel discussion at the annual meeting of the Institute of International Finance in Washington Saturday. 'What are we going to do about it ? It’s long-term reform'.

Deutsche Bank, Citigroup and Royal Bank of Scotland are among firms reviewing e-mails, instant messages and phone records of their foreign-exchange employees for possible evidence of manipulation, according to three people with knowledge of those probes.

Hit the link below to access the complete Bloomberg article:

Deutsche Bank’s Jain Says FX Allegations Eroding Trust

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image: © Lisamarie Babik

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