Ex-Deutsche Bank exec says reputation ruined amid Libor claims

Deutsche Bank - Foyer Bridge

A former global finance chief at Deutsche Bank said the German markets regulator ruined his reputation after it claimed he and other managers may have turned a blind eye to Libor manipulation.

Bloomberg News reports that Alan Cloete said in an August 10 letter to the agency, Bafin, that he has suffered 'as a result of the inaccurate and reputationally damaging assessments of Bafin'. His letter, which was seen by Bloomberg, demanded the regulator issue a correction.

Bafin said in May it had doubts about statements by Cloete that he and others including former co-Chief Executive Officer Anshu Jain were unaware of the rigging of the London interbank offered rate. 

'Cloete did not give any instructions to manipulate Libor, he was not aware that there was any manipulation or intention to manipulate', Cloete’s lawyers said in the 57-page letter. 

To access the complete Bloomberg News article hit the link below:

Ex-Deutsche Bank Executive Cloete Slams German Libor Criticisms

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