Christian Bittar

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Christian Bittar is a French investment banker. He was considered the highest paid employee at Deutsche Bank and was fired there because of his role in the 2011 Libor scandal .

Career

Bittar started trading in the proprietary trading of Deutsche Bank in London . During the great market turmoil following the bankruptcy of Lehman Brothers in September, he achieved profits of more than 500 million euros in 2008, speculating on the differences between Euribor interest rates for different terms. Bittar received a percentage of this profit. The profit sharing approved by Anshu Jain in 2009 was EUR 80 million and was stretched over several years. This made him the best-paid employee of Deutsche Bank in 2008 and earned many times that of CEO Josef Ackermann , who waived his bonus that year. Between 2006 and 2011 he made a total of 1.7 billion euros in profits for Deutsche Bank. In 2010, Bittar was appointed head of money market derivatives trading and moved to Singapore .

In December 2011 or May 2012, he was dismissed by Deutsche Bank because it could be proven that he was involved in the Libor manipulations in 2006 and 2007. Due to the expected billions in fines, he was not paid out 40 million euros in promised, outstanding bonuses . He then worked as a portfolio manager in the Geneva branch of the British hedge fund BlueCrest Capital Management , the third largest in Europe.

In March 2018, Bittar pleaded guilty to Libor manipulation in a case of interest rate manipulation by the British Serious Fraud Office (SFO). He was in custody, while five other traders were sentenced from April 2018. A London court sentenced him to five years and four months in prison on July 19, 2018.

Four former Deutsche Bank traders escaped the trial because the public prosecutor's office and, in February 2018, the Frankfurt Higher Regional Court had not complied with extradition requests from the British authorities.

Individual evidence

  1. ^ Une "French Connection" au cœur du scandale du Libor . In: Paris Match on July 19, 2012
  2. ↑ a b Gavin Finch and Liam Vaughan: Fired Deutsche Bank Trader Loses $ 53 Million . Bloomberg January 25, 2013
  3. ↑ a b c Jörg Eigendorf and Sebastian Jost: Jain and the 40 million euro man . In: Die Welt from January 26, 2013
  4. ↑ Excitement about 80 million bonus . In: rp-online from February 15, 2013
  5. ↑ Meike Schreiber: The winners of the Lehman bankruptcy . In: Manager Magazin from September 16, 2013
  6. ↑ The 80 million thing . In: Stern from February 13, 2013
  7. ↑ Magazine: 80 million bonus for a Deutsche Bank investment banker . t-online.de from February 13, 2013
  8. ^ A b Sarah Butcher: Deutsche Bank trader Christian Bittar could have pocketed more than 80 million euros . efinancialcareers of January 25, 2013
  9. ^ Deutsche Bank confirms l'implication d'employés dans l'affaire du Libor . In: Le Monde of July 31, 2012
  10. ↑ Daniel Schaefer, Caroline Binham and James Wilson: German sets aside € 500m to cover Libor . In: Financial Times, March 26, 2013
  11. ↑ Banks face EU fines running into billions . In: Die Zeit from October 18, 2013
  12. ↑ Sebastian Bräuer: Libor scandal: New home for suspects . In: NZZ of July 29, 2012
  13. ↑ Interest rate manipulation: Ex-Deutsche Bank dealer pleads guilty. Retrieved July 15, 2018 .
  14. ↑ Björn Finke London: Embarrassing process . In: sueddeutsche.de . April 9, 2018, ISSN  0174-4917 ( sueddeutsche.de [accessed July 15, 2018]).
  15. ↑ Manipulated interest rate: "No, no, no" - German top banker rejects all allegations in the Euribor process . ( handelsblatt.com [accessed July 15, 2018]).
personal data
SURNAME Bittar, Christian
BRIEF DESCRIPTION French investment banker
DATE OF BIRTH 20th century