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Germany Blasts Deutsche Bank Executives Over Culture
Keywords:
The questions about LIBOR rate manipulation were first raised in front page articles in the Wall Street Journal in spring 2008. In 2013 Deutsche Bank's U.S. financial systems were strongly criticized by the U.S. Federal Reserve. In April 2015 Deutsche Bank made a $2.5 billion legal settlement with the U.S. and British regulators for LIBOR rate rigging and admitted wrongdoing. It took BaFin the German regulator a long time to flag these irregularities in a strong manner, in its letter to Deutsche Bank. The comments in the Senior Management Review section of its report for the first time expressed in this level of detail the problems at Deutsche Bank, including problems with 11 current or former executives of Deutsche Bank. The letter and report were sent to the bank's management board May 11, 2015. A month later co-CEO's Anshu Jain and Jurgen Fritschen resigned. Ba Fin's top supervisor of large banks, Frauke Menke sent the letter. By the time BaFin acted many other regulators had already flagged the problems at the bank, and the media including the WSJ had already covered the problems in great detail. Between the first report in the WSJ on Libor rate irregularities and the May 11, 2015 report was a period of 7 years.
Anshu Jain, co-CEO of Deutsche Bank
06/07/2010
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Deutsche Bank Plans to Extend Contract of Co-CEO
New York Times 09/11/2013
Deutsche Bank Hit By Legal Costs
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Deutsche Bank Deserves Bite Bair Gave It
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Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said
Wall Street Journal 07/23/2014
Deutsche Bank legal settlements and costs
10/30/2013
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Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
Deutsche Bank to Pay $1.9 Billion Over Troubled Mortgage Securities
New York Times 12/20/2013
Deutsche Loss Underlines European Economy’s Dependence on Banks
New York Times 01/20/2014
Deutsche Bank Nears Kirch Settlement
Wall Street Journal 02/20/2014
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
Deutsche Bank strategies
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Deutsche Bank Chiefs Say Lender Is Stronger
Wall Street Journal 01/31/2014
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
Deutsche Bank Plans to Raise $11 Billion
Wall Street Journal 05/19/2014
Deutsche Bank: Mo' Money, Still Problems
Wall Street Journal 05/20/2014
Full Steam Ahead for Deutsche Bank
Wall Street Journal 05/20/2014
Deutsche Bank Vows New Culture of Ethics
New York Times 05/19/2014
Deutsche Bank's image in Germany 2008-2015
01/02/2009
Deutsche Bank's image takes a hit in an alleged carbon credit value added tax fraud. Its headquarters in Frankfurt are raided by German police and investigators. Co-CEO Jurgen Fitschen's call to the Governor of Hesse protesting the raid is criticized in Germany as intervening in an ongoing investigation of the bank. Earlier Deutsche Bank's role in the 2008 financial crisis with its participation in the mortgage securities market in the U.S. came under criticism. This also raised the question whether a change in management with the two new co-CEO's made in mid 2012 has changed the culture at the bank.
Grouped Articles
Deutsche Bank Plans to Extend Contract of Co-CEO
New York Times 09/11/2013
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
Deutsche Bank Deserves Bite Bair Gave It
Wall Street Journal 06/07/2010
Deutsche Loss Underlines European Economy’s Dependence on Banks
New York Times 01/20/2014
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
John Cryan, new CEO of Deutsche Bank in 2015
06/07/2015
Grouped Articles
High Hopes for John Cryan, Deutsche Bank’s New Chief, Known for His Pragmatism
New York Times 06/07/2015
Germany Blasts Deutsche Bank Executives Over Culture
Wall Street Journal 07/17/2015
Deutsche Bank in Major Overhaul to Address Shareholder Complaints
New York Times 10/18/2015
Deutsche Bank Shares Rise After Shakeup
Wall Street Journal 10/20/2015
Deutsche Bank Won’t Pay Dividend This Year or Next
Wall Street Journal 10/29/2015
Deutsche Bank to Shrink Workforce by 35,000 in Broad Revamp
Wall Street Journal 10/30/2015
German Federal Financial Supervisory Authority, BaFin, once soft on Deutsche Bank takes a tougher stance in 2014
03/28/2014
As the time approaches when regulatory authority passes on to the ECB, BaFin is taking an active regulatory stance. This WSJ report says the stance is partly because BaFin does not want to be seen as having been lax when the ECB takes over supervision.
Grouped Articles
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
Deutsche Bank Vows New Culture of Ethics
New York Times 05/19/2014
Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said
Wall Street Journal 07/23/2014
Five Reasons the NY Fed Isn't Happy
Wall Street Journal 07/23/2014
Wall Street Journal 07/23/2014
Excerpts from New York Fed’s Letter to Deutsche Bank
Wall Street Journal 07/22/2014
Deutsche Bank 2 billion euro settlement with British and U.S. regulatory authorites for rate manipulation
04/22/2015
Grouped Articles
Deutsche Bank Set to Pay Record Fine in Libor Case
Wall Street Journal 04/22/2015
Deutsche Bank’s Realism Makes Bleak Reading
Wall Street Journal 04/27/2015
Germany Blasts Deutsche Bank Executives Over Culture
Wall Street Journal 07/17/2015
Deutsche Bank Warns Litigation Charges to Spur Quarterly Loss
Wall Street Journal 01/21/2016
America’s Department of Justice asks Deutsche Bank for $14 billion
The Economist 09/16/2016
Opinion: Deutsche Bank in dire straits | Opinion | DW.COM | 27.09.2016
DW.COM 09/27/2016
Deutsche Bank legal risks and settlements
12/21/2010
Estimates of legal risk for Deutsche Bank in 2012 range from $3 billion to $4 billion.
Grouped Articles
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
Deutsche Bank to Pay $1.9 Billion Over Troubled Mortgage Securities
New York Times 12/20/2013
Deutsche Loss Underlines European Economy’s Dependence on Banks
New York Times 01/20/2014
Deutsche Bank Nears Kirch Settlement
Wall Street Journal 02/20/2014
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
Deutsche Bank management
01/15/2009
Grouped Articles
Fears Remain After Deutsche Bank's Cash Haul
Wall Street Journal 05/02/2013
Deutsche Bank Plans to Extend Contract of Co-CEO
New York Times 09/11/2013
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
Michael Coers' Bittersweet Exit from Deutsche Bank
BusinessWeek 06/04/2010
Deutsche Bank Deserves Bite Bair Gave It
Wall Street Journal 06/07/2010
Deutsche Loss Underlines European Economy’s Dependence on Banks
New York Times 01/20/2014
Deutsche Bank U.S.
01/15/2009
Grouped Articles
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
Deutsche Bank Deserves Bite Bair Gave It
Wall Street Journal 06/07/2010
Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said
Wall Street Journal 07/23/2014
Fed Up With Deutsche Bank Missteps
Wall Street Journal 07/24/2014
Deutsche Bank Finance Chief Faces Heat After Financial-Reporting Exposure
Wall Street Journal 07/24/2014
Deutsche Bank Co-Chief Executives Resign
New York Times 06/07/2015
The culture and atmosphere at Deutsche Bank as it goes through federal German investigations in 2013-2015
09/04/2013
Grouped Articles
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
Friction at Zurich Built in Months Before Suicide
Wall Street Journal 09/04/2013
Deutsche Bank Vows New Culture of Ethics
New York Times 05/19/2014
Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said
Wall Street Journal 07/23/2014
Fed Is Said To Criticize Deutsche Bank's Oversight and Reporting Efforts
New York Times 07/22/2014
Capital reserve requirements proposed by the Financial Stability Board in 2014
11/10/2014
The new reserve requirements are likely to affect European banks that are overleveraged such as BNP Paribas in France and Deutsche Bank in Germany.
Grouped Articles
Financial Stability Board to Propose Stricter Rules for Global Banks
New York Times 11/10/2014
‘Too-Big-to-Fail’ Rule Would Raise Bar for Bank Capital
Wall Street Journal 11/11/2014
Germany Blasts Deutsche Bank Executives Over Culture
Wall Street Journal 07/17/2015
Examination of Deutsche Bank by the U.S. Federal Reserve Bank of New York in 2014 showing serious financial regulatory reporting problems
07/22/2014
Grouped Articles
Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said
Wall Street Journal 07/23/2014
Five Reasons the NY Fed Isn't Happy
Wall Street Journal 07/23/2014
Wall Street Journal 07/23/2014
Excerpts from New York Fed’s Letter to Deutsche Bank
Wall Street Journal 07/22/2014
Fed Is Said To Criticize Deutsche Bank's Oversight and Reporting Efforts
New York Times 07/22/2014
Fed Up With Deutsche Bank Missteps
Wall Street Journal 07/24/2014
Deutsche Bank and the LIBOR investigation in 2013
07/15/2011
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
Europe Sets Big Fines In Settling Libor Case
New York Times 12/04/2013
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
BaFin, German federal financial regulatory authority, and the problems at Deutsche Bank- regulators slow to act on information
03/28/2014
Eyk Henning of the WSJ points out the slow response of regulator BaFin to information about problems at Deutsche Bank that suggest a broken culture in a report on March 28, 2014. This comes 6 years after the WSJ first reported the LIBOR rate manipulation in 2008 leading to British and U.S. regulatory investigations. In April 2015 Deutsche Bank made a legal settlement for LIBOR rate manipulation of $2.5 billion with U.S. and British regulators. As the time when regulatory authority passes to the European Central Bank, and after a period of 7 years since the 2008 WSJ report, BaFin finally sends its report on the broken culture at the bank. A month later the two co-CEO's at the bank resign.
Linked Articles
Germany Blasts Deutsche Bank Executives Over Culture
Wall Street Journal 07/17/2015
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
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