Ex-Deutsche Bank employees say bank hid $12 bln in losses - FT

LONDON Thu Dec 6, 2012 5:17am IST

Related Topics

Stocks

   

LONDON (Reuters) - Three former Deutsche Bank (DBKGn.DE) employees have filed complaints with the U.S. securities regulators claiming the bank failed to recognize up to $12 billion of unrealized losses during the financial crisis, the Financial Times reported on Tuesday.

Complaints to regulators including the U.S. Securities and Exchange Commission (SEC) said that Deutsche misvalued a large position in derivatives structures known as leveraged super senior trades, the newspaper reported, citing people familiar with the submissions.

The report said this improper accounting allowed the bank to misrepresent its capital position and avoid a government bailout.

"The allegations of financial misstatements, which are more than two and one-half years old and were publicly reported in June 2011, have been the subject of a careful and thorough investigation, and they are wholly unfounded," Renee Calabro, a spokeswoman at Deutsche Bank, told Reuters in an email.

She dismissed the report on Tuesday evening, saying that all "valuations and financial reporting were proper". (Reporting By Dasha Afanasieva)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Diplomacy

REUTERS SHOWCASE

Maruti Results

Maruti Results

Maruti Suzuki says profits helped by sentiment, not growth.  Full Article 

Tracking the Monsoon

Tracking the Monsoon

Monsoon turns patchy after revival.  Full Article 

ICICI Profit Up

ICICI Profit Up

ICICI Bank Q1 net profit up 17 percent, beats estimates.  Full Article 

Pharma Sector

Pharma Sector

FDA raises concern over drug production process at Cadila  Full Article 

Coal India

Coal India

Some Coal India mines may be run by foreign firms - minister  Full Article 

Fuel Prices

Fuel Prices

IOC to cut petrol prices by 1.5 pct from Friday  Read 

Economic Pulse

Economic Pulse

India's infrastructure output growth hits 9-month high in June  Full Article | Related Story 

Joint Bid

Joint Bid

ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage