Deutsche Bank fined $205m in the US for foreign exchange manipulation
The embattled German bank was fined for improperly co-ordinating trading activity with other institutions to boost its own profits
New York — US officials fined embattled German banking giant Deutsche Bank $205m in a settlement to resolve foreign exchange market manipulation violations, New York’s top banking regulator announced on Wednesday. Deutsche Bank’s violations included improperly co-ordinating trading activity with other financial institutions to boost the bank’s own profits, the New York state department of financial services (DFS) said. Deutsche Bank traders participated in multi-party online chat rooms where confidential information was shared and currency prices were manipulated, DFS said. The violations were uncovered following an investigation from 2007 to 2013. Deutsche Bank signed a consent order with the New York agency and agreed to an enhanced compliance and audit programme, DFS said. "Due to Deutsche Bank’s lax oversight in its foreign exchange business, including, in some instances, supervisors engaging in improper activity, certain traders and salespeople repeatedly abused the trust of th...
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