Reuters - Deutsche plans to integrate subsidiary into asset management division, agrees to pay Libor fine

Deutsche Bank plans to integrate parts of its Sal. Oppenheim subsidiary into its asset management division ahead of that division’s planned spin-off, a person familiar with the matter told Reuters.

The news agency reports that German daily Handelsblatt reported earlier that 40 to 50 staff from Sal. Oppenheim’s institutional client business would switch to Deutsche Asset Management.

In the meantime, Reuters also reports that Deutsche Bank has agreed to pay $220m to settle U.S. regulatory charges that it defrauded government and nonprofit entities by manipulating Libor and other benchmark interest rates.

The settlement with the German bank was announced on Wednesday by the attorneys general of New York and California, Eric Schneiderman and Xavier Becerra, who led the probe by 44 U.S. states and Washington, D.C.

Deutsche Bank to bolster asset management with Sal. Oppenheim ops: source

Deutsche Bank to pay $220 million in U.S. Libor probe

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