Deutsche Bank Caught Up in Scandal
The US Justice Department is investigating Deutsche Bank to see if the German bank violated foreign corruption or anti-money laundering laws when it helped the Malaysian government fund 1MDB raise US$1.2 billion.
Germany’s biggest lender under US scope over its dealings with Malaysia's 1MDB
Stocks impacted: Deutsche Bank AG (DBK)
According to some reports, the investigation is focused on the role played by Tan Boon Kee, who was formerly Deutsche Bank’s Asia Pacific head of banking, for its financial-institutions clients and said to have been one of the key bankers in on the 1MDB account. The investigation into Deutsche adds to the bank’s problems. As a reminder, the lender is under scrutiny for its links to a money-laundering scheme in Denmark. Earlier in the week, the bank announced plans to scrap its global equities unit, cut some fixed-income operations and slash 18,000 jobs globally in a massive restructuring program. On Thursday, Deutsche shares are trading 0.7% lower.
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