UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags
Sruthi Shankar, 31 May 2021
European stocks slipped from record highs on Monday in subdued trading due to holidays in major markets, but optimism over a swift economic recovery put the benchmark index on course for its fourth month of gains.
The pan-European STOXX 600 index was down 0.1% in morning trade, with shares in Frankfurt falling 0.3% and Paris dipping 0.1%. UK and US markets are closed for a holiday, keeping trading volumes muted across the board.
Among the top drags was Deutsche Bank, down 1.8% after the Wall Street Journal reported that the U.S. Federal Reserve told the German lender it was failing to address persistent shortcomings in its anti-money-laundering controls. Continue reading “Article: UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags”
Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding
Patricia Kowsmann and Jenny Strasburg, 30 May 2021
The Federal Reserve told Deutsche Bank AG DB 0.40% in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter.
The Fed’s frustration has escalated to a point that the bank could be fined, the people said.
Deutsche Bank has poured massive resources into addressing repeated shortcomings and penalties related to allowing suspect transactions. The Fed told Deutsche Bank that instead of making progress, the German lender with a large Wall Street presence is backsliding. The regulator has said that some of the anti-money-laundering control problems require immediate attention, according to the people. Continue reading “Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding”