Deutsche Bank clears co-CEO Anshu Jain's name in internal Libor probe

Deutsche Bank has concluded co-Chief Executive Anshu Jain is clean after an internal investigation into the role of the bank into the manipulation of global interest rates, German newspaper Frankfurter Allgemeine Sonntagszeitung reported.

Citing supervisory board sources, the paper reported that the internal probe had cleared Jain of involvement in the Libor scandal after scrutinising bank documents and interviewing hundreds of Deutsche Bank employees.

A Deutsche Bank spokesman declined to comment.

[caption id=“attachment_324551” align=“alignleft” width=“380”]  Anshu Jain. Reuters[/caption]

Deutsche Bank, embroiled in a number of scandals, is working through a long list of investigations and fines that have resulted from the global financial crisis.

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It has been named in cases related to the sub-prime crisis, credit default swaps, mortgages, tax evasion, manipulation of Libor interest rates and the decade-old Leo Kirch lawsuit.

Co-Chief Executives Juergen Fitschen and Anshu Jain are pursuing an ambitious project to transform the bank’s corporate culture and rebuild its reputation.

Last week Deutsche Bank reported a surprise fourth-quarter loss as heavy costs for litigation and restructuring hit its performance.

Reuters