N.Y. Fed Blasts Deutsche Bank's Financial Reporting

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N.Y. Fed Blasts Deutsche Bank's Financial Reporting

To remedy its woefully inadequate financial reporting, Deutsche said it is investing $1.4 billion to “upgrade” its internal systems. So far, the undertaking has been a considerably large one, says the bank with “1,300 employees working on the improvements.”

As Deutsche faces possible fines and settlement costs for various inquiries, Reuters says that last month the bank raised 8.5 billion euros to strengthen its balance sheet.

This is a notable development considering that Thomas Hoenig, vice-chairman of the Federal Deposit Insurance Corp., told Reuters last year that Deutsche was “horribly undercapitalized.”