Fed sounds off Deutsche Bank's shoddy financial reporting and inadequate auditing

FRANKFURT: The Federal Reserve Bank of New York has found serious problems in Deutsche Bank’s US operations, including shoddy financial reporting, weak technology and inadequate auditing and oversight, a person close to the matter said.

In a letter to the German lender’s executives last December, a senior official with the New York Fed described financial reports produced by some of the bank’s US divisions as “low quality, inaccurate and unreliable”, said the source, who is familiar with the letter.