Major banks suspected of collusion in EU bond rigging probe

December 20, 2018


The European Commission suspects Deutsche Bank AG, Credit Suisse Group AG and two other global banks of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe.

The European Union’s executive arm, which opened the investigation almost three years ago, said in a statement Thursday that banks will now lay out their defenses. If found guilty, they could face a fine of up to 10% of their annual world-wide revenue. The commission didn’t name the banks. Deutsche Bank and Credit Suisse confirmed they were among the four. Shares of Deutsche Bank DB, -3.76% DBK, -6.80% DBK, -6.06% were down 5% and Credit Suisse CS, -0.84% CSGN, -3.51% shares were 3.1% lower Thursday.

Read More on Market Watch