LIT COMMENTARY
As we learn that mortgage eNotes are booming in 2020, we also were shocked to read that Deutsche Bank is the gatekeeper of eNotes. A German Bank that is so corrupt it has paid over $18B in fines since 2008, the Great Recession. And now the latest stress test results show Deutsche Bank is failing miserably.
Deutsche Bank criticised in internal N.Y. Fed audit: German newspaper
FRANKFURT (Reuters) – Deutsche Bank’s <DBKGn.DE> regulators in the United States have criticised the German lender in an internal audit for weaknesses in fighting money laundering and in risk management, according to a German newspaper on Wednesday.
The Sueddeutsche Zeitung said the bank has 90 days to respond to the audit, which was sent to Deutsche management at the end of March.
Deutsche Bank declined to comment and the Federal Reserve Bank of New York didn’t immediately respond to a request for comment.
Deutsche Bank, which has posted five consecutive years of losses and is undergoing major restructuring, has faced harsh criticism from regulators in the United State in past years.
The audit results cited by the Sueddeutsche are a setback for Deutsche, which last year passed both parts of the Fed’s stress tests for the first time.
The bank’s chief executive, Christian Sewing, said in a speech published on Tuesday that the bank had made progress in improving its controls but had room for improvement.
“We must continue to improve here and to invest in our processes – in close contact with our regulators,” he said.
According to the Sueddeutsche, the audit found “serious weaknesses” and raised doubts about whether Deutsche would reach a score indicating that it is deemed well-managed.
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