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JPMorgan Dropped Accounts That Became Bad News for Deutsche Bank

  • U.S. bank backed away from Epstein, Danske and FBME by 2013
  • New York penalized Deutsche Bank for lax compliance over them

The trio of clients that got Deutsche Bank AG in regulatory trouble this week had a shared back story: They were all castoffs of JPMorgan Chase and Co.

Deutsche Bank moved millions of dollars across the globe for convicted sex offender Jeffrey Epstein in the past decade, and billions on behalf of international lenders Danske Bank A/S and FBME Bank Ltd. Along the way, the German bank missed or disregarded compliance red flags for years, New York’s Department of Financial Services said Tuesday in levying $150 million in penalties.