Deutsche Bank fined $205 million for currency manipulation
APNews, 20 June 2018
New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that traders at Deutsche manipulated the foreign exchange market for years.
Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. Banks such as Barclays, Citigroup and several others have paid hundreds of millions of dollars in fines since the scandal broke several years ago.
The New York Department of Financial Services found that from 2007 to 2013, Deutsche Bank engaged in improper, unsafe and unsound conduct in its currency trading business. Like other banks, Deutsche Bank traders allegedly used chat rooms and shared customer information in order to manipulate currencies before they closed each day.
Deutsche said it was “pleased to resolve” New York State’s investigation.
