Deutsche Bank co-Chief Executive Officer Anshu Jain is facing criticism from politicians and his own predecessor for a decision not to attend a German hearing on rate rigging.
Bloomberg reports that Jain decided to stay away from discussions about banks’alleged manipulation of the London Interbank Offered Rate at parliament’s Finance Committee in Berlin Wednesday. Stephan Leithner, Deutsche Bank’s head of compliance, is going because he deals closely with regulatory probes, according to the firm.
‘Jain just doesn’t want to be associated with the proceedings’, Konrad Becker, an analyst with Merck Fink & Co. in Munich, said by telephone earlier this week. ‘He isn’t the investment bank chief anymore, he’s the CEO. He’s trying to distance himself’.
Regulators from Canada to Switzerland are investigating whether more than a dozen banks including Deutsche Bank, Barclays, UBS AG (UBSN) and Royal Bank of Scotland Plc are under investigation for colluding to rig Libor, the benchmark for more than $300 trillion of securities, or hide their true cost of borrowing. Like former Barclays Plc CEO Bob Diamond, who resigned after his bank admitted to manipulating the rate, Jain led his firm’s investment bank during the period in question. Deutsche Bank denies any wrongdoing by leading executives.
Hit the link below to access the complete Bloomberg artice: