A reminder that The Guardian reported that Deutsche Bank examined Trump’s account for Russia links in February’s article:
The scandal-hit bank that loaned hundreds of millions of dollars to Donald Trump has conducted a close internal examination of the US president’s personal account to gauge whether there are any suspicious connections to Russia, the Guardian has learned.
Deutsche Bank, which is under investigation by the US Department of Justice and is facing intense regulatory scrutiny, was looking for evidence of whether recent loans to Trump, which were struck in highly unusual circumstances, may have been underpinned by financial guarantees from Moscow.
The Guardian has also learned that the president’s immediate family are Deutsche clients. The bank examined accounts held by Ivanka Trump, the president’s daughter, her husband, Jared Kushner, who serves as a White House adviser, and Kushner’s mother.
The internal review found no evidence of any Russia link, but Deutsche Bank is coming under pressure to appoint an external and independent auditor to review its business relationship with President Trump.
House Dems sent to Deutsche Bank’s American CEO on May 23, 2017, and asked for a copy of the review and related documents: The full text of the letter.
Conglomerate HNA has upped its stake in the bank to 9.92 percent as a result of a voting rights announcement and share package worth £2.8billion (€3.4bn).
The Chinese have replaced the ruling family of Qatar al-Thani as the largest Deutsche Bankshareholder.
The bank’s British CEO John Cryan is attempting to rebuild Deutsche after tearing up his turnaround strategy after 17 months.
Deutsche Bank AG was hit with the Federal Reserve’s first major fine for failing to ensure traders abide by the Volcker Rule’s ban on risky market bets — and will also pay even more for letting currency desks chat online with competitors, allegedly revealing positions.
The simultaneous sanctions, totaling almost $157 million, fault lax oversight of traders that persisted into last year. The company — which raised $8.5 billion from investors this month to recapitalize — admitted to the Fed in March 2016 that it still lacked adequate systems for keeping tabs on dealings that might run afoul of the Volcker ban.
“Significant gaps existed across key aspects of Deutsche Bank’s Volcker Rule compliance program,” the Fed said Thursday, fining the firm $19.7 million for the lapses. As for chats, the bank failed to detect that currency traders engaged in “unsafe and unsound conduct,” disclosing some positions or talking about coordinating strategies, the Fed said. The company will pay $136.9 million for that.
If you measure President Donald Trump’s conflicts of interest by the amount of money at stake, or the variety of dicey interactions with government regulators, one dwarfs any other: his relationship with Deutsche Bank.
In recent weeks, Deutsche Bank has scrambled to reach agreements with American regulators over a host of alleged misdeeds. But because the president has not sold his company, the bank remains a central arena for potential conflicts between his family’s business interests and the actions of officials in his administration.
“Deutsche poses the biggest conflict that we know about in terms of dollar amounts and the scale of legal exposures,” says Brandon Garrett, a University of Virginia law professor and author of “Too Big To Fail: How Prosecutors Compromise with Corporations.” In trying to clear up its outstanding regulatory troubles, the bank “may have tried to do its best to avoid the appearance of impropriety but it may be impossible for them to do so.”
The Department of Justice is pursuing former personnel who worked for Deutsche Bank in the years before the financial crisis, according to an exclusive report from Reuters.
While author Joy Wiltermuth refers to targeted staffers as those “who worked in Deutsche Bank’s mortgage unit in the run-up to the financial crisis,” the indication is that Justice is going after former mortgage bond salespersons.
Deutsche Bank AG, Germany’s largest lender, has apologized in full-page German newspaper ads for misconduct that has cost the company billions.
The ad, signed by CEO John Cryan on behalf of the bank’s top management, ran Saturday in the Frankfurter Allgemeine Zeitung and the Munich-based Sueddeutsche Zeitung.
The bank said its past conduct “not only cost us money, but also our reputation and trust.
Deutsche Bank AG will pay $425 million to settle an investigation by New York’s financial-services watchdog into violations of the state’s anti-money-laundering laws through a so-called “mirror trading” scheme that transferred $10 billion out of Russia, the Department of Financial Services said Monday.
The bank “missed key opportunities to detect, intercept and investigate” the scheme, according to DFS, in which companies that were clients of its Moscow equities desk issued orders to purchase Russian blue-chip stocks in rubles, while a related party would sell the same stock for the same price in the same amount through the bank’s London branch.
A Justice Department investigation into the Russian trades has been ongoing, and it is unclear if or when a settlement might be reached.