Deutsche Bank's (DBKGn.DE) plan to become "the last man standing" in investment banking in Europe is working, the bank said on Tuesday, reporting a 16 percent year-on-year increase in quarterly pretax income. Deutsche Bank faces an array of investigations that ranges from allegations of manipulating the Libor benchmark rate to unfairly favouring some investors in so-called dark pools and has already paid more than 5 billion euros over the past two years in settlements and fines. In a new development, Deutsche Bank said it had received requests for information from regulators related to high frequency trading, and that it had been named as a defendant in class action complaints alleging violations of U.S. securities laws related to high frequency trading. Deutsche Bank has come under heavy fire from U.S. authorities in recent weeks, with regulators slamming the bank for shoddy financial reporting, weak technology and inadequate auditing and oversight, which it is addressing in part by hiring 500 U.S. staff.
via Business News http://ift.tt/1zpTnry
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