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Deutsche Bank has agreed to pay $16.2m (£13.2m) to settle allegations that it hired relatives of foreign government officials to win business.
The Securities and Exchange Commission (SEC) argued the German bank had recruited poorly qualified relatives of officials in Asia and Russia at their request, violating the Foreign Corrupt Practices Act.
Deutsche Bank agreed to settle the case without admitting or denying any wrongdoing, the SEC said.
Deutsche Bank has published its second quarter results which show a loss of €3.15bn (£2.8bn).
Germany's largest bank had indicated it would make a loss after announcing a major restructuring involving 18,000 job cuts.
US President Donald Trump is awake and tweeting, this time about about Deutsche Bank.
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On Monday Deutsche Bank made the first of 18,000 job cuts as part of a radical restructuring intended to cut costs and restoring its profitably.
The German bank also has spent more than €52m on severance pay for senior executives who were fired or left voluntarily over the past 14 months, almost matching its annual pay for the entire management board.
That's according to the Financial Times which quotes Frankfurt-based headhunter Christine Kuhl, a partner at Odgers Berndtson, saying: "Big severance packages for sacked managers are mad".
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Wake Up To Money
Deutsche Bank shares slumped a further 5% yesterday after it published its long-awaited restructuring plan and announced that 18,000 staff would be axed.
Why did the news disappoint the market?
“There are a couple of reasons,” Supriya Menon, Senior Multi Asset Strategist at Pictet Asset Management told Wake Up To Money.
First is "a clear area of risk, having to do with revenue growth," she said.
The bank has projected a return on assets of about 8% by 2022 but that would suggest that revenue grows by about 3% every year.
“That just doesn’t seem credible. They haven’t delivered on that recently," she pointed out.
She also warned that the bank would face difficult market conditions as it goes through its "enormous retrenchment", so it's projection "seemed way too optimistic".
She added that the market is also questioning the part of the restructuring plan which involves the bank raising more capital. "Will it be enough?" she asked.