Deutsche Bank Probe Says Staff Deliberately Mis-Sold Derivatives
- Employees knew derivatives weren’t suited for clients
- Findings conclude part of review known as ‘Project Teal’
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An internal review at Deutsche Bank AG found that some employees deliberately circumvented controls to make big profits by mis-selling products.
The probe known as Project Teal showed that some employees on a London-based foreign-exchange desk sold derivatives to small and medium-sized Spanish companies even though they knew that the products were too complex for those clients, according to people familiar with the matter.