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US DEPARTMENT OF JUSTICE PROBES DEUTSCHE BANK; IN BRIEF.

Deutsche Bank is reportedly being investigated by the US Department of Justice over whether it violated antimoney laundering laws in its work with scandal-hit Malaysian state fund 1MDB. US officials are understood to be probing the German lender over its ties with the 1MDB investment vehicle between the years of 2009 and 2014, when billions of dollars were looted and spent on items including luxury yachts and expensive pieces of art. The news is a fresh headache for the European banking giant as it embarks on a major restructuring that involves thousands of job cuts. Sources told the Wall Street Journal that the bank's ties with 1MDB included helping it to raise $1.2bn (PS960m) in 2014 while concerns rose over management.

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Publication:City AM (London, England)
Date:Jul 12, 2019
Words:122
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