Media ININ Economy We Trust
Media IN – New York 21-06-2018
The New York State Financial Services Department said it would fined Germany’s Deutsche Bank more than $ 205 million for foreign exchange fraud.
These violations involve improperly coordinating business with other financial institutions to enhance the Bank’s profits, according to the management statement.
The administration added that the bank’s dealers “took part in multilateral chat rooms on the Internet and exchanged confidential information to manipulate currency prices.”
These violations were revealed after an investigation lasted from 2007 to 2013, according to AFP.
On the other hand, the administration expressed its “appreciation for the bank’s full cooperation with the investigations, including conducting a broad internal investigation and taking many proactive steps before the administration moves.”
This comes at a time when the bank is suffering from turmoil leading to the replacement of its CEO and the announcement of the demobilization of more than 7 thousand employees, in an effort to curb the losses that have been going on for years
