One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained.
The FCA said that in one instance, Deutsche destroyed in error 482 tapes of telephone calls that should have been kept. In addition, the FCA observed that the Bank provided inaccurate information to the regulator about whether other records existed.
The misconduct involved at least 29 Deutsche Bank individuals, including managers and traders, mainly based in London but also in Frankfurt, Tokyo and New York. It took place between 2005 and 2009.
Deutsche Bank has been fined $2.5bn (£1.66bn) by US and UK regulators for trying to manipulate interest rates.The German bank has been fined $2.1bn by US regulators, and £227m by the UK's Financial Conduct Authority. The fine relates to manipulation of the Libor and Euribor inter-bank rates. It is a record penalty for such misconduct because Deutsche tried to mislead regulators and could have hampered investigators. The bank said it "deeply regrets" the matter. Deutsche said in a statement that it had "disciplined or dismissed individuals" involved and tightened governance controls. However, US regulators have demanded the dismissal of a further seven senior individuals still employed.