Jain Says Davos Bankers Discussed Global Libor SettlementNicholas Comfort
Deutsche Bank AG co-Chief Executive Officer Anshu Jain said he discussed a possible global settlement of alleged rigging of interbank lending rates with fellow CEOs at the World Economic Forum in Davos this month.
“This came up in Davos, a number of bank CEOs were there and we openly discussed whether this made sense for there to be a process,” Jain said at a news conference in Frankfurt today. “There were unofficial discussions, where we felt that if you went back and looked at other industries that have gone through an industry-wide settlement process, whether there is something to be gained.”
Regulators from Canada to Switzerland are investigating whether more than a dozen banks, including Deutsche Bank, colluded to rig the rate. The lender said in July that an internal investigation found misconduct by individual employees of the bank related to Libor, though no wrongdoing by any current or former members of the board.
“Pretty much all of us felt it was worth further discussing it,” Jain said. “Whether that’s going to fructify into something real in the next six to 12 months.”
Deutsche Bank probably won’t resolve all issues pertaining to alleged rigging of interbank lending rates this year, said Stephan Leithner, management board member for legal affairs.