Watchdog slams Deutsche Bank

City A.M. Reporter
GERMAN banking watchdog BaFin has criticised Deutsche Bank’s management for the way it responded to a probe into manipulation of the Libor benchmark interest rate, according to German magazine Der Spiegel.

A Bafin-commissioned report by EY showed that “insufficient efforts were made to investigate and clear up events in the bank,” Der Spiegel quoted. BaFin declined to comment on the report. Deutsche Bank said it was closely co-operating with various regulatory probes.