(Bloomberg) -- A former senior Deutsche Bank AG operations executive alleged in a lawsuit that he was illegally fired over a concocted racial bias complaint after he raised concerns that the bank was lying to US regulators.
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Noah Ramos filed suit Monday in New York state court. He claims that, shortly after he was made head of Americas operations for Deutsche Bank Securities in October 2023, he learned that the company’s lending business had improperly accrued $173 million in receivables due to “a lack of operational controls and general negligence in operations.”
Ramos says he reported the matter to more senior bank executives, urging them to self-report the issue to the Federal Reserve. But he alleges that his superiors appeared to want to avoid recognizing a significant loss in the lending business and chose instead to tell the Fed that the accumulation was due to faulty accounting at other Deutsche Bank units.
He “observed DB’s highest ranking executives, who were also his direct supervisors, laughing and joking that the Federal Reserve appeared to ‘have bought’ DB’s lie about ‘accounting errors,’” Ramos said in his suit, which is seeking at least $100 million in damages.
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