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.