Commerzbank may have to reinstate a banker fired at the request of a New York regulator as part of a $1.45bn settlement with U.S. authorities after the bank lost an appeal in a Frankfurt court.
Commerzbank had known about what she called “deficiencies,” which included the failure to follow compliance procedures, since 2008, but had never disciplined him before letting him go in 2015.
The man, who can be identified only as Lars C., is one of more than two dozen bankers that New York’s Department of Financial Services had sought to have terminated during several settlements over issues ranging from benchmark manipulation to violations of U.S. trading bans. In the Commerzbank case, the DFS asked the bank to fire four employees.
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