Deutsche Bank evaluating past procedures involving Libor scandal

Anshu Jain

Anshu Jain, the co-CEO of Deutsche Bank AG, recently said that the bank is cooperating with the authorities in their Libor investigations, adding that the bank is making an effort to evaluate past procedures.

Paul Achleitner, a chairman of the supervisory board, said last month that “no current or former” board member had “any inappropriate involvement” in the scandal involving manipulation of the London interbank offered rate, commonly referred to as Libor, according to Bloomberg.

“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,” Achleitner said, Bloomberg reports.

Deutsche Bank, along with more than a dozen other banks, are currently under investigation by U.S., European and Asian authorities over suspected rigging of Libor, a key benchmark rate used to price trillions of dollars of financial products and services.

Jain also spoke to the European debt crisis, saying at a Berlin-based diplomatic conference that those nations affected by the sovereign debt crisis require more time, though he said it is possible that markets won’t allow these crisis-stricken countries the time needed.

“These countries are working very hard…fundamental restructuring takes a long time, and takes benign market circumstances,” Jain said, according to Reuters. “We don’t have benign market circumstances. There is a chance markets won’t give peripheral countries enough time. Giving them time is crucial.”

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