DB - Deutsche Bank hit with $3.3M fine by Spain over negligent sale of products - Reuters

Germany's Deutsche Bank (NYSE:DB) got fined EUR 3M ($3.32M) by the Spanish government after applying higher spreads on clients' repurchase of structured bonds and failing to disclose it, Reuters reported Tuesday. The fine related to a very serious infringement, Reuters noted, citing the Spanish government's official bulletin Monday. Deutsche Bank (DB) said it would appeal against the fine. Deutsche Bank (DB) had not applied the required measures to manage the "existing conflict of interest in the repurchase from clients of structured bonds issued by Deutsche Bank Group, applying significant spreads compared to their fair value of which customers were not informed," Reuters reports, citing the government's gazette. Previously, (Dec. 29, 2021) Deutsche Bank got fined EUR 8.66M by BaFin on weak rate data controls.

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Deutsche Bank hit with $3.3M fine by Spain over negligent sale of products - Reuters