German prosecutors say Braun has been arrested in a fraud case over $2.1 billion that payment service provider Wirecard says likely doesn't exist.
Deutsche Bank wants to level the playing field with the start-ups that want to disrupt the finance industry.
On Monday the company announced the firing of its chief operating officer, Jan Marsalek, who had been suspended from the management board last week. The German news agency dpa reported that Marsalek had been in charge of overseeing daily operations including in Southeast Asia, where the possible fraud occurred.
In the early hours of Monday, Wirecard said its management board “assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion euros do not exist.” Wirecard said it is in “constructive discussions” with banks on continuing credit lines, and is “assessing options for a sustainable financing strategy for the company.” It said it is examining other possible measures to keep the business going, including restructuring and disposing of business units.
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