- Deutsche Bank (DB -3.1%) drops sharply after WSJ reports an examination by the New York Fed found the bank's U.S. operations suffer from several serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems.
- In a letter to DB last December, a senior NY Fed official reportedly wrote that financial reports produced by some of the bank's U.S. operations "are of low quality, inaccurate and unreliable" to the extent that DB's "entire U.S. regulatory reporting structure requires wide-ranging remedial action."
- The letter was said to have ordered senior DB execs to ensure steps were taken to fix the problems, and that the bank might have to restate some of the financial data it has submitted to regulators.
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