FRANKFURT: Deutsche Bank AG said on Sunday it began a probe in relation to engagement with some clients after the Financial Times reported earlier that the German lender was investigating the alleged mis-selling of investment banking products.
The Financial Times reported that the lender was probing if its staff mis-sold sophisticated investment banking products to clients in breach of European Union rules and then colluded with individuals within these companies to share the profits. An audit had found that the bank wrongly categorised client firms under the Markets in Financial Instruments Directive rules, which require banks to separate their clients by levels of financial sophistication, according to the newspaper.
The probe, called Project Teal, is also looking into accusations that there was collusion between the German bank’s employees and staff at some of the clients who bought the inappropriate products.
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