Deutsche Bank probe finds staff knowingly mis-sold derivatives, Bloomberg says

An internal review at Deutsche Bank known as Project Teal found that some employees intentionally circumvented controls to make big profits by mis-selling products, Bloomberg’s Steven Arons reports. According to people familiar with the matter, the review showed that some employees on a London-based foreign-exchange desk sold derivatives to small and medium-sized Spanish companies even though they knew that the products were too complex for those clients. The people say staff exploited deficiencies in Deutsche Bank’s controls to keep the lucrative business going for several years. Reference Link