Deutsche Bank has been fined €550,000 (£466,000) by Germany’s financial watchdog for being late to explain why it was delayed in announcing the departure of its co-chief executives.
Bafin announced today that the fine was in relation to this incident and three other breaches of rules.
The German bank announced the departures of Anshu Jain and Juergen Fitschen in June 2015, at a time when the bank was coming under investor pressure over a series of problems.
Bloomberg reported that the bank’s supervisory board was in a meeting when news organisations began reporting their departure. It reported that the board had not voted on Jain’s departure at that stage and so waited before confirming the reports.
The regulator said today:
Bafin has closed the probe into Deutsche Bank and a possible breach of the ad hoc disclosure requirements relating to the CEO change. With regard to the data published in June 2015 ad hoc announcement to CEO change was made, the statement of reasons of self-release to Bafin too late.
In this and in three additional ad hoc procedures Bafin imposed a total fine of 550,000 euros against the Deutsche Bank AG; fixing the fine amount was carried out under the old law.
Jain and Fitschen were replaced by Deutsche Bank’s current chief executive John Cryan.