Deutsche Bank (DB) Dips as German Regulator Launches LIBOR Investigation
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Deutsche Bank (NYSE: DB) is taking it on the chin heading into afternoon trading Friday.
Earlier, it was reported that Germany will be launching a special probe into the bank as part of a wider investigation into London Inter Bank Offered Rate (LIBOR) manipulation.
The regulator, BaFin, isn't providing too much in the way of detail behind the investigations, including whether it was targeting Deutsche specifically or banks in general.
Sources told Reuters that results would be released in the middle of July, which seems like a rather quick investigation.
Deutsche said certain U.S. and European regulators have been requesting information over setting interbank rates on various currencies for periods spanning from 2005 through 2011. The Bank noted that it was cooperating with any inquiries.
News broke a few weeks ago when Barclays (NYSE: BCS) was said to have manipulated LIBOR data via false submissions and traders bargaining for better or worse rates, depending on what was required at the time. Today, the U.K.'s SFO said it would undertake an investigation into the matter.
Shares of Deutsche are down 5.4 percent Friday afternoon.
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Earlier, it was reported that Germany will be launching a special probe into the bank as part of a wider investigation into London Inter Bank Offered Rate (LIBOR) manipulation.
The regulator, BaFin, isn't providing too much in the way of detail behind the investigations, including whether it was targeting Deutsche specifically or banks in general.
Sources told Reuters that results would be released in the middle of July, which seems like a rather quick investigation.
Deutsche said certain U.S. and European regulators have been requesting information over setting interbank rates on various currencies for periods spanning from 2005 through 2011. The Bank noted that it was cooperating with any inquiries.
News broke a few weeks ago when Barclays (NYSE: BCS) was said to have manipulated LIBOR data via false submissions and traders bargaining for better or worse rates, depending on what was required at the time. Today, the U.K.'s SFO said it would undertake an investigation into the matter.
Shares of Deutsche are down 5.4 percent Friday afternoon.
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