Deutsche Bank Mismarked 37 Deals Like Paschi’s, Audit Says
- Bafin-commissoned review says Fed subpoena sparked scrutiny
- German lender changed accounting for transactions in 2013
Deutsche Bank Audit Turns up Mismarked Deals
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Deutsche Bank AG, indicted for colluding with Banca Monte dei Paschi di Siena SpA to conceal the Italian lender’s losses, mismarked the transaction and dozens of others on its own books, according to an audit commissioned by Germany’s regulator.
Executives at Deutsche Bank arranged 103 similar deals with a total value of 10.5 billion euros ($11.8 billion) for 30 clients, according to the audit, a copy of which was seen by Bloomberg. The Frankfurt-based lender, Germany’s largest, adjusted the accounting of 37 of those trades in 2013, in addition to Monte Paschi’s, changing them from loans that had been kept off the books to derivatives, the audit said.