Germany’s financial watchdog yesterday revealed it held -concrete evidence that banks had tried to manipulate the ￠5.3tn a day foreign exchange markets even as Brussels charged three more over a rate-rigging cartel, in a sign that the industry has not yet put scandal behind it.
The news, which came less than 24 hours after US authorities fined Credit Suisse $2.6bn for helping clients with tax evasion, reinforced fears in the executive ranks of US and European banks that they still faced serious legal challenges.
Senior bankers told the Financial Times they feared the forex probes would prompt another round of multibillion-dollar penalties echoing the punishment meted out in the Libor-rigging scandal, which has so far cost the industry $5.8bn in fines.
Deutsche Bank warned this week that it would have to take further provisions for legal challenges. “We see continued deterioration of the litigation environment, especially in the United States,” Stefan Krause, Deutsche Bank’s chief financial officer, said on Monday.
HSBC and Crédit Agricole were among a trio of banks charged by Brussels, drawing them for the first time into an interbank lending rate-rigging scandal that crossed three -continents.
The European Commission charged the European banks, as well as US rival JPMorgan, with participating in a cartel to manipulate the Euribor interest rate benchmark, after the trio held out against a settlement last year.
Joaquín Almunia, the EU competition commissioner, said the cartels were “appalling examples of the misconduct” in the financial sector. All three banks deny wrongdoing over Euribor.
德意志银行(Deutsche Bank)本周警告称，该行将不得不调高应对法律挑战的拨备。德银首席财务官斯特凡?克劳泽(Stefan Krause)周一表示：“我们看到诉讼环境持续恶化，特别是在美国。”