Wednesday, Mar 4, 2015Wednesday, Mar 4, 2015

Deutsche Bank says a few staff involved in Libor scam

Published on Jul 31, 2012 9:35 PM

FRANKFURT (AFP) - Deutsche Bank, Germany's biggest lender, confirmed for the first time on Tuesday that a "limited number" of its employees had been involved in the Libor interest-rate rigging scandal.

In a letter to Deutsche Bank staff, a copy of which was obtained by AFP, supervisory board chief Paul Achleitner confirmed that an internal probe was underway into the bank's involvement in the scam that has rocked the financial world in recent weeks.

"As per the current status of investigations, we can say that no current or former member of the management board had any inappropriate involvement" in the affair, Mr Achleitner wrote.

"It has also found that a limited number of employees, acting on their own initiative, engaged in conduct that falls short of the bank's standards, and action has been taken accordingly."

If you are not a subscriber, you can get instant, unlimited access here