Fed Is Said to Criticize Deutsche Bank’s Oversight and Reporting Efforts

Jordan Thomas, a lawyer who represents a former Deutsche Bank risk analyst who filed a whistleblower claim against the bank, said that regulator, the Federal Reserve Bank of New York, sent a letter in December to officials at the German bank notifying them of the findings of its review.

Mr. Thomas said he had seen a copy of the letter and it directed Deutsche to fix problems in its financial reporting procedures — problems the letter said had existed for several years.

Mr. Thomas said the New York Fed’s findings were consistent with complaints raised by his client, Eric Ben-Artzi, in a whistleblower action filed with the Securities and Exchange Commission in 2011.

“These revelations are consistent with Dr. Ben-Artzi’s allegations in light of the culture he described at Deutsche Bank,” said Mr. Thomas, who heads a prominent whistleblower practice. “The findings of the Fed are not surprising.”

Mr. Thomas said he could not discuss the SEC investigation but had every reason to believe it was continuing.