Deutsche Bank bosses resign in the wake of Libor scandal – BBC News

The planned resignations, first reported in the Wall Street Journal, come after a series of scandals affecting the bank, including a $2.5bn (£1.7bn) regulatory fine in connection with the bank’s part in the Libor rate rigging affair.

Libor, the London inter-bank lending rate, is a key interest rate in finance, affecting financial contracts worth trillions of dollars. Deutsche is one of several major banks fined after traders were found to have manipulated the rate.

Deutsche Bank is also paying $55m (£35.7m) to settle civil charges for allegedly mis-stating financial reports.

The US Securities and Exchange Commission (SEC) investigated the bank for the way it accounted for certain assets in reports filed during the financial crisis.

The SEC said it over-valued some of these and did not have sufficient collateral to cover potential losses.

Deutsche is settling without admitting or denying the charges.

via Deutsche Bank bosses resign in the wake of Libor scandal – BBC News.

via Deutsche Bank bosses resign in the wake of Libor scandal – BBC News.

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