Deutsche Bank flouted international accounting rules, says watchdog

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Deutsche Bank’s 2019 financial report did not meet international accounting standards because it lacked key details about the lender’s historic US losses, Germany’s financial watchdog BaFin said on Tuesday.

BaFin said the bank failed to disclose in 2019 that €2.1bn of deferred tax assets were linked to multiyear losses at the US operations, which were unprofitable at the time. Deutsche also failed to explain in…