Deutsche Bank will pay fines totaling $2.5 billion, and must terminate and ban certain employees who engaged in interest-rate rigging, New York State's superintendent of financial services announced Thursday.
The penalty will see the bank pay $600 million to the New York State Department of Financial Services, $800 million to the Commodities Futures Trading Commission, $775 million to the Justice Department and £227 million ($340 million) to the U.K.'s Financial Conduct Authority.
"Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain," Superintendent Benjamin Lawsky said in a statement.
"While a number of the employees involved in misconduct have already left the bank, those that remain are being terminated or banned from the New York banking system. We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals."