Deutsche Bank Tackles One Scandle and Moves on to the Next

Deutsche Bank AG, which is being probed over whether it helped investors illegally transfer billions of dollars out of Russia, said an internal review provided no indications that it breached sanctions in the country.

An internal investigation by the bank found “deficiencies” in the bank’s systems and controls that are being adressed, the bank said in a memo sent to employees Friday.

The Russian probe is among the remaining issues for Chief Executive Officer John Cryan, after the bank on Friday agreed to pay $7.2 billion to settle a separate probe in the U.S. over its role in the sales of toxic debt before the 2008 financial crisis. The initial demand of $14 billion by the U.S. triggered concerns over Deutsche Bank’s capital position and its ability to pay coupons on some of its bonds.

Bloomberg

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MS

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam