Deutsche Bank to Pay $2.5 Billion to End Libor Probe
Behind Deutsche Bank’s Record $2.5B Libor Fine
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Deutsche Bank AG was ordered to pay a record $2.5 billion fine and fire seven employees to settle U.S. and U.K. investigations into its role in rigging Libor.
Deutsche Bank must terminate six London employees and one in Frankfurt who engaged in wrongful conduct, according to New York's Department of Financial Services, which was among the international regulators involved in the settlement announced Thursday. While the DFS didn’t identify them by name, one is a managing director, four are directors and two are vice presidents. A U.K. unit agreed to plead guilty to a wire-fraud charge as well.