Libor scandal deepens at Deutsche Bank

The Times Robert Miller

Senior management at Deutsche Bank acted “negligently” over the fixing of Libor rates, Germany’s financial watchdog concluded in a report.

The report into Libor manipulation by BaFin adds that Anshu Jain, the outgoing joint chief executive, may have lied to the central bank.

It also suggests that special “banking supervisory measures” should be considered, leaving Deutsche vulnerable to further action by authorities.

“The suggestion is that the audit by BaFin supposedly resulted in clearing the senior management of DB, especially Mr Jain,” wrote Frauke Menke, head of banking supervision at the watchdog, according to a report in the Financial Times. “I expressly want to point out that this is not correct.”

Mr Jain, who stepped down this month, is suspected by BaFin of having “knowingly made inaccurate statements” in a 2012 interview with the Bundesbank about the benchmark-setting process.

Deutsche has rejected any suggestion that Mr Jain had lied.

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