Reuters, Sep 29, 2014 – New York’s financial regulator wants some Commerzbank AG (CBKG.DE) employees to be fired as part of a settlement over allegations the German lender improperly processed transactions with Iran and other countries facing U.S. sanctions, according to people familiar with the matter.
Commerzbank is nearing an agreement to pay some $650 million to U.S. authorities over sanctions-related violations, with almost half going to the regulator, New York’s Department of Financial Services, Reuters has reported.
The bank, which is 17 percent, owned by the German government, would join more than a half dozen foreign banks that have already settled with U.S. authorities for similar wrongdoing.
In Commerzbank’s case, the department directed the bank to take steps to terminate a handful of employees who engaged in misconduct, one source said. The source did not reveal the names of executives who may face punishment.