German financial regulator Bafin, which last month completed its review into Libor rigging, criticized several current and former top managers at Deutsche Bank, including outgoing co-Chief Executive Officer Anshu Jain, according to German Spiegel magazine.
Bloomberg News reports that a Bafin report concludes that no board member was directly involved in manipulating interest rates, according to a preview of Spiegel released Friday, which cites unidentified people familiar with the report.
The regulator found serious negligence in control of business processes, organization and dealing with the affair, Spiegel reported. Bafin also criticizes former CEO Josef Ackermann and head of personnel Stephan Leithner, Spiegel said.
The bank was fined a record $2.5bn for manipulating interest-rate benchmarks in April. Foot-dragging and evasions prompted Britain’s Financial Conduct Authority to sanction the bank for not dealing with the regulator appropriately as part of its settlement.
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