Shares in Deutsche Bank slipped nearly 2% on Thursday morning following reports the German bank could face legal action over a $20 billion Russian money-laundering scheme.
div > div.group > p:first-child"> The Guardian, on Wednesday, published a confidential internal report in which the bank admits fears over"significant disciplinary action" from U.S. and U.K. regulators, conceding that the scandal had hurt its"global brand" and was likely to cause"client attrition" and a decline in market value.
Deutsche Bank is said to have been implicated in a massive money-laundering scheme, called the Global Laundromat, The Guardian reported. The scheme, used by Russian criminals with ties to the Kremlin and the old KGB and FSB, involved moving money into the western financial system between 2010 and 2014. According to the Guardian report, the cash involved could total $80 billion.
The bank could face fines, legal action and the possible prosecution of 'senior management' for its role in the scheme. A spokesman for Deutsche Bank declined to comment on the ongoing investigations, but told CNBC Thursday: 'Deutsche Bank remains committed to providing appropriate information to all authorized investigations."
'We have considerably increased staff numbers in Anti-Financial Crime and more than tripled our staff since 2015. We invested since 2016 €700 million in upgrading our key control functions there.'
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Deutsche Bank investor to file AGM motion to oust chairmanDeutsche Bank investor Riebeck-Brauerei plans to file a motion seeking a vote to...
Read more »
Deutsche Bank CEO and chair to stay in top roles after possible merger: SpiegelDeutsche Bank's current Chief Executive Christian Sewing and Chairman Paul ...
Read more »
Buy Netflix as it becomes a global 'cultural necessity,' Deutsche Bank saysDeutsche Bank raised its rating on Netflix shares to buy from hold on Tuesday as the streaming service is becoming 'more like a platform every day,' the firm said, rather than just another app on people's phones.
Read more »
House committees issue subpoena to Deutsche BankDeutsche Bank received a subpoena from the House Intelligence and Financial Services committees, according to a person familiar with the matter. The subpoena is seeking information about loans the bank gave to President Trump and the Trump Organization.
Read more »
House Democrats subpoena Deutsche Bank in Trump investigationHouse Democrats issued a subpoena to the German lender Deutsche Bank seeking information on Trump’s finances — a major escalation of their investigation into his business dealings
Read more »
Democrats subpoena Deutsche Bank as part of ongoing investigation into TrumpDemocrats seeking more information about President Donald Trump's personal and business finances and dealings subpoena Deutsche Bank.
Read more »
House panels issue subpoenas to Deutsche Bank, others in Trump probeU.S. House panels issue subpoenas to multiple financial institutions, including Deutsche Bank, for information on President Donald Trump’s finances
Read more »
House Panels Subpoena Deutsche Bank, Others in Trump Finance InquiryTwo House panels have issued subpoenas to Deutsche Bank and other financial institutions, as Democrats continued to pursue an inquiry into President Trump’s financial interests.
Read more »
Netflix stock gets a boost ahead of earnings after Deutsche Bank turns bullishNetfllix Inc. shares are enjoying a bump ahead of their Tuesday afternoon earnings report after an analyst at Deutsche Bank joins the bull camp.
Read more »