The U.S. unit of German lender Deutsche Bank suffers from ongoing financial reporting problems which it has been aware of for years but not fixed, according to a report in the Wall Street Journal which cites documents related to an examination by the Federal Reserve Bank of New York.
The article quotes a letter sent to Deutsche Bank executives back in December, which was written by a senior official at the New York Fed, which says that reports produced by some of the bank's U.S. units are of "low quality, inaccurate and unreliable." The letter also says that the size and seriousness of the errors strongly suggests that the bank's entire U.S. regulatory reporting structure requires "wide-ranging remedial action."
"We have been working diligently to further strengthen our systems and controls and are committed to being best in class," a Deutsche Bank spokesman told the paper on Tuesday.
To read more about the Deutsche Bank report, check out the WSJ article.