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Richard Smith – Anyone Want to Buy Deutsche Bank?

Serial capital raiser Deutsche Bank (which tapped the markets first here in 2008 and then, oopsie, we’re still a little bit short of the readies again here in 2014) is telling anyone who’ll listen that it really doesn’t need any more capital. But who knows? Over to Deutsche’s regional head of Group Audit:

Mr Roesch, the regional head of Group Audit, set out, in an email, his “final” reading of the investigation. He referred to a “multi organ failure” which had contributed elements to the risk situation. The key contributors the conclusion of into TPFs without NPA and appropriate infrastructure report and the resulting failure to margin TPFs at all which were booked as proxies as Resurrecting Faders in circumstances where they were not margined until October 10th/13th. Other contributors were late bookings (although that was almost irrelevant in the light of the failure to margin), incorrect mapping of GES into the DBX system (the Ignored Payments error), the Russell Multiplier error and “the back-and-forth” with regards to PIC, GM and PWM.

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