business

Deutsche Bank reportedly set to OK $100M payout over bribery charges

Deutsche Bank is expected to agree to pay more than $100 million to settle charges related to allegedly violating anti-bribery laws as it tried to win business in places like China, the New York Times reported Friday.

Deutsche Bank, Germany’s largest lender, is expected to enter into a so-called deferred prosecution agreement in Brooklyn federal court, the report said, citing a person familiar with the matter. 

Deutsche Bank declined a Reuters request for comment on the report.

The move by federal prosecutors comes as the bank, which is aiming to return to profitability after five years of losses, is in the middle of a major overhaul, with plans to cut headcount by 18,000 and exit some businesses.

The bank last year agreed to pay more than $16 million to the Securities and Exchange Commission to settle charges that it violated US corruption laws by hiring relatives of foreign government officials in order to win or retain business.

The SEC alleged then that Deutsche Bank hired poorly qualified or unqualified relatives of officials in Asia and Russia at their request, in violation of the Foreign Corrupt Practices Act.

Related posts

Elon Musk passes Bill Gates as world’s second-richest person

honynews12

Back on track: UK vinyl sales heading for best year in three decades | Business

honynews12

FDA warns Whole Foods for recalls tied to mislabeled food

honynews12

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More