Daily Management Review

Deutsche Bank fined in the US again


The Federal Reserve again fined Deutsche Bank. This time, the penalty amount reached $ 156.6 million for violating foreign exchange rules and the Volcker Rule, suggesting that the bank was unable to comply with the terms of the Dodd-Frank Act.

Ich fahre hummer
Ich fahre hummer
Recall that Volcker Rule limits ability of US-based banks to participate in securities transactions on their own funds.

The Fed said in a statement that the regulator found deficiencies in the supervision and internal control of currency traders who buy and sell US dollars and foreign currency for the organization's own accounts and for customers.

The regulator also believes that Deutsche Bank did not identify and did not stop the practice of using traders’ network chat rooms to communicate with competitors about their trading positions. After the Federal Reserve's request, the bank pledged to strengthen supervision over currency traders, and also expressed satisfaction with settlement of claims by the Fed.

In January, it became known that Deutsche Bank would pay US $ 7.2 billion to settle a lawsuit that concerned the German bank's manipulation on the securities market before the financial crisis of 2008.

Deutsche Bank pledged to pay $ 3.1 billion to withdraw all claims, , and the bank will send $ 4.1 billion to compensate losses for American customers.

According to Coalition, Deutsche Bank, which ranked second among the leading investment banks in Europe in 2015 and in the first half of 2016, shared this position with Goldman Sachs in the last year.

The German bank reduced allocation of resources to a number of spheres in the framework of the reorganization of operations. In addition, Deutsche Bank faced a certain outflow of customer funds due to concerns about the organization’s financial position.

Last month, Deutsche Bank’s Chief Executive Officer John Cryan told about a "targeted return to the bank of customers who left him in the autumn" in 2016, the Financial Times reported.

source: dw.de, ft.com

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