Deutsche Bank has been ordered to dismiss six managers in London after pleading guilty to fraud and being fined a record $2.5 billion for rigging benchmark interest rates while lying to regulators.
The London division of Deutsche, one of the biggest investment banking houses in the City employing 6,000 people, was found to be at the centre of a conspiracy to boost its profits and staff bonuses by manipulating key rates used to set ordinary interest rates across the world.
Deutsche has entered into a deferred prosecution agreement with the US Department of Justice as part of a four-way investigation that also involved Britain’s Financial Conduct Authority, the New York Department of Financial Services and the US Commodity Futures Trading Commission.
The NYDoFS took the