Deutsche Bank may be close to settling a U.S. Federal Reserve inquiry into how billions of dollars moved through the bank and out of Russia. But it’s still waiting for U.S. prosecutors to resolve a potentially more consequential investigation.
Bloomberg News reports that the Fed settlement is being finalized and could be announced in coming weeks, according to people familiar with the situation. They declined to discuss the size of any fine, which would follow $630 million that the German lender has paid the U.K. and New York state over lax anti-money-laundering practices. Officials from Deutsche Bank and the Fed declined to comment.
In the meantime, Bloomberg also reports that Democratic lawmakers asked Deutsche Bank to hand over its findings on two politically charged matters - its banking on behalf of now-President Donald Trump and trades from the bank’s Moscow operation that helped move some $10 billion out of Russia.
Representative Maxine Waters of California and four other Democrats on the House Financial Services Committee asked the Frankfurt-based lender for its internal report about its conduct in the Russian “mirror trading” scandal. They also asked for any internal review of Trump’s business dealings with the bank, descriptions of which have surfaced in news reports.