The New York's Department of Financial Services on Thursday announced that Deutsche Bank must terminate six London employees
Deutsche Bank AG was ordered to pay $2.5 billion fine and terminate seven employees to settle US and UK investigations into its role in manipulating Libor.
The New York's Department of Financial Services on Thursday announced that Deutsche Bank must terminate six London employees and one in Frankfurt who were engaged in wrongful conduct of manipulating interest rates.
“Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain,” DFS Superintendent Benjamin Lawsky said in a statement. “We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals.”
The London Interbank Offered Rate ("LIBOR") is a benchmark interest rate used in financial markets around the world.
The New York's Department of Financial Services on Thursday announced that Deutsche Bank must terminate six London employees and one in Frankfurt who were engaged in wrongful conduct of manipulating interest rates.
“Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain,” DFS Superintendent Benjamin Lawsky said in a statement. “We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals.”
The London Interbank Offered Rate ("LIBOR") is a benchmark interest rate used in financial markets around the world.
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