FRANKFURT (dpa-AFX) - The U.S. Justice Department is investigating whether Deutsche Bank (DB) violated foreign corruption or anti-money-laundering laws in its work for the 1Malaysia Development Berhad or 1MDB fund, the Wall Street Journal reported citing people familiar with the matter.
The German lender's work included helping the fund raise $1.2 billion in 2014 as concerns about the fund's management and financials had begun to circulate, the Journal said.
The investigators are mainly looking into the role of Tan Boon-Kee, a colleague of a former Goldman Sachs Group Inc executive, Tim Leissner, who worked with him on 1MDB-related business, the paper said.
She left Goldman to become Asia-Pacific head of banking for financial institutions clients at Deutsche Bank, where she was involved with further 1MDB dealings, the report said.
On Sunday, Deutsche Bank said that it would cut 18,000 jobs over three years as part of a reorganisation of the bank. It would exit its Equities Sales & Trading business, while retaining a focused equity capital markets operation.
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