Deutsche Bank internally probes dubious trades: WSJ
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[FRANKFURT] Deutsche Bank AG is investigating a series of trades that may have improperly generated millions of dollars in personal profits, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Some of the profits may have been generated at the bank's expense, for a handful of current and former employees, the paper said.
Among those who internal auditors believe profited from the trades is Colin Fan, who was co-head of Deutsche Bank's investment bank when he left as part of a shake-up in October, the newspaper reported.
The paper said the auditors estimate that Fan has made US$9 million on a roughly US$1 million investment.
Altogether, internal auditors estimate that the six current and former Deutsche Bank employees have made about US$37 million on the trades, which will close off next year, the paper reported, citing a person briefed on the audit.
Deutsche Bank could not immediately be reached for comment, outside regular business hours.
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