Deutsche Bank AG, Europe’s biggest investment bank by revenue, said it has 300 people working on resolving the company’s role in the global benchmark interest rate rigging scandal.
Stephan Leithner, the firm’s management board member for legal affairs and personnel, made the comments at a client reception in the southern German city of Freiburg on Wednesday, Klaus Winker, a spokesman for the bank, said by phone today.
Badische Zeitung reported the comments earlier today. Leithner spent almost half his speech to an audience of 260 addressing Deutsche Bank’s efforts to instill a “cultural change” at the company, the German newspaper reported.
Deutsche Bank was among six firms fined a record 1.7 billion euros ($2.33 billion) last month by the European Union amid a global investigation into whether banks colluded to rig benchmarks such as the London interbank offered rate. The bank will hire about 100 compliance staff as part of a plan to spend 1 billion euros to improve controls, co-Chief Executive Officer Anshu Jain told analysts on a conference call this week.