Deutsche Bank Said to Interview Employees in Rates ProbeNicholas Comfort
Deutsche Bank AG, Europe’s biggest investment bank by revenue, is interviewing about 50 employees as it investigates whether traders tried to rig benchmark interest rates, said a person with knowledge of the matter.
The interviews are part of an investigation that has included conversations with staff and a review of their electronic communication that started after the Frankfurt-based bank’s management was informed in 2011 of potential attempts to manipulate rates, said the person, who asked not to be identified as they aren’t authorized to speak publicly.
Regulators around the globe are examining whether more than a dozen lenders including Deutsche Bank colluded to rig benchmark interest rates. Barclays Plc, UBS AG and Royal Bank of Scotland Group Plc are among firms already fined about $2.6 billion for rigging the London interbank offered rate, the benchmark for more than $300 trillion of securities worldwide.
Deutsche Bank declined to comment on its investigation. Germany’s largest lender has said that its probe indicates no wrongdoing by current or former management board members and that it would fire or suspend employees who acted inappropriately without identifying individuals.
Ernst & Young LLP is helping German banking regulator Bafin with its investigation of alleged attempts by Deutsche Bank traders to rig rates, according to two people with knowledge of the matter. Spokesmen for the auditor and Bonn-based Bafin declined to comment when contacted by Bloomberg News today.
German newspaper Handelsblatt reported the interviews today.