Deutsche Bank Probing Sales of Investment Banking Products
Bloomberg 1/25/2021 Dominic Lau, Lizette Chapman and Steven Arons
(Bloomberg) Deutsche Bank AG is conducting an internal probe after receiving complaints that some bank employees sold risky investments to clients who didn’t properly understand them.
Popular Searches
“We initiated an investigation in relation to our engagement with a limited number of clients,” a bank spokesman said in a statement on Sunday, following a Financial Times report on the investigation. Deutsche Bank won’t comment further until it completes the review, he said.
The probe, codenamed Project Teal, was started in response to client complaints last year and originally focused on a desk in Spain that sells hedges, swaps and derivatives, a person familiar with the matter said. It appears that only Spain and Portugal-based client firms were affected, the person said.