Published February 06, 2013
FRANKFURT – Deutsche Bank has suspended five traders suspected of inappropriate conduct following an internal investigation into possible manipulation of the Europe Interbank Offered Rate (Euribor), a source familiar with the matter said on Wednesday.
The traders, who worked on Deutsche Bank's money market team, were suspended on Tuesday, the source said.
Deutsche Bank declined to name the traders, and said that no current or former board members have been implicated. It gave no further details.
The bank referred to a statement made in January when it commented about progress on its internal probe triggered by concerns that benchmark interest rates were being manipulated.
"Upon discovering that certain employees acted inappropriately, we have suspended or dismissed employees, clawed back unvested compensation, and will continue to do so as we complete our investigation," the bank said at the time.
The investigation is being led by Deutsche Bank's legal department with the support of external counsel, and reports to the management and supervisory boards.
Deutsche Bank said it is also cooperating in the various regulatory investigations into interbank offered rates matters.
British bank Royal Bank of Scotland was fined some $615 million on Wednesday to settle charges of rigging the Libor benchmark rate.
(Reporting by Philipp Halstrick; Writing by Edward Taylor; Editing by Louise Ireland and Maria Sheahan)