Deutsche Bank Said Near Mirror-Trade Deal With U.K., N.Y.
- Bank could resolve probes of billions moved out of Russia
- U.S. said to continue criminal investigation of Moscow trades
The Deutsche Bank AG logo sits on the German lenders office building in Frankfurt, Germany, on Thursday, Oct. 20, 2016. Unlike Deutsche Bank, which announced plans in June to reduce its branches to 535 from 723 next year, Commerzbank says its branch network is key to its strategy to add two million new clients by 2020, double its previous target.
Photographer: Krisztian Bocsi/BloombergDeutsche Bank AG is in advanced discussions with U.K. and New York State regulators to settle allegations that it helped move billions of dollars out of Russia without properly alerting authorities, two people familiar with the matter said. A settlement could come as soon as Monday evening.
The U.K.’s Financial Conduct Authority and New York’s Department of Financial Services are conducting civil investigations of the so-called mirror trades by Deutsche Bank’s Moscow office. The settlement amount wasn’t immediately known.