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Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging

Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging

Ex-Deutsche Bank trader, Christian Bittar is facing jail term for Euribor rigging after pleading guilty in a London court on the 2nd of March 2018.   The now 46 year old ex-Deutsche bank star trader had earned £90 million ($126 million) bonus in 2008, and was the firm’s most profitable derivatives trader from 2003 to 2010.

“ Ex-Deutsche Bank Star trader to be Jailed “

In 2011, Christian was fired as Deutsche bank distanced themselves from rate-rigging probes in the U.S. and U.K.  In 2015, Deutsche Bank was fined $2.5 billion by global regulators for failing to prevent attempts to rig benchmark rates.He was accused of colluding on Euribor submissions by betting on short-term interest rates.  In 208, he had bet on the 3-months & 6-months Euribor will rise faster than the 1-month rate.  After Lehman Brothers collapsed, his bets profited enormously, and he earned £90 million ($126 million) bonus in 2008.  As a proprietary trader, he had a share in the profits he made for the bank.

Christian grew up in Senegal, attended Grandes Ecoles University in France.  After graduation, he joined Societe Generale as a quantitative analyst.  He became a trader, and was hired by Deutsche Bank in London and thereafter Deutsche Bank in Singapore.  He will be sentenced in summer 2018 after a related trial ends.

Sources: Bloomberg, Bloomberg, Reuters

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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