Standout case
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: “This case stands out for the seriousness and duration of the breaches by Deutsche bank.
“One division at the bank had a culture of generating profits without proper regard to the integrity of the market. This wasn’t limited to a few individuals but, on certain desks, it appeared deeply ingrained.
“Deutsche’s failings were compounded by them repeatedly misleading us. The bank took far too long to produce vital documents and it moved far too slowly to fix relevant systems and controls.”
Deutsche said no current or former member of the management board was found to have been involved in or aware of the misconduct.
A statement from the bank attributed to co-chief executives Jurgen Fitschen and Anshu Jain, said: “We deeply regret this matter but are pleased to have resolved it. The Bank accepts the findings of the regulators.
“We have disciplined or dismissed individuals involved in the trader misconduct; have substantially strengthened our control teams, procedures and record-keeping; and are conducting a thorough review of the Bank’s actions in addressing this matter.
“This agreement marks another step in addressing the past and ensuring that the Bank earns back the trust of its clients, shareholders and society at large.”
The bank added that its internal investigation into those accountable for the failures was the largest in its history and involved more than 150 million electronic documents and 850,000 audio files.
