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Deutsche Bank fined, takes measures to prevent misconduct

English.news.cn   2013-12-05 07:08:46            

FRANKFURT, Dec. 4 (Xinhua) -- Germany's biggest bank Deutsche Bank on Wednesday said it had taken measures to prevent misconduct after the European Union (EU) fined it for rigging interest rates.

In a statement Deutsche Bank said it created an independent benchmark submission oversight function as part of "significant measures" to enhance its systems and controls in relevant business and infrastructure functions.

With regard to the EU fine, the bank explained it covered investigations into the trading of euro interest rate derivatives and yen interest rate derivatives according to an agreement with the European Commission.

Juergen Fitschen and Anshu Jain, co-chief executive officers of Deutsche Bank, described the settlement as an important step in its efforts to resolve its "legacy issues."

"Acting with integrity is a core value at Deutsche Bank, and we expect every employee to adhere to it. We are attaching the highest institutional importance to ensuring that this type of misconduct does not happen again," they said in a statement.

Editor: Chen Zhi
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