U.S. Puts Deutsche Bank, UBS, RBS Pension Businesses on Notice
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Three global banks are in danger of losing their ability to manage pension funds in the U.S., as the Department of Labor wrestles with how to hold financial institutions accountable for criminal misconduct.
The Labor Department, in mid-July letters reviewed by Bloomberg, told Deutsche Bank AG, UBS Group AG and Royal Bank of Scotland Group Plc that it had tentatively rejected their requests to keep managing U.S. pension money. The banks, which admitted guilt earlier this year over manipulating foreign exchange or benchmark interest rates, were required to seek the department’s permission to maintain their Qualified Professional Asset Manager status.