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takyon writes:

Reuters reports:

Deutsche Bank has nominated its chairman for a second term after an internal probe cleared him of accusations that he was partly to blame for the bank's poor cooperation with authorities in a probe into rate-rigging, a source close to the bank said. Paul Achleitner was nominated at a meeting of the lender's supervisory board in late October, the source said on Sunday. Shareholders will vote on the extension of his term at the annual meeting next spring.

Several shareholders said on Friday that a renewal of Achleitner's contract was imperiled by Deutsche's poor earnings and faltering share price. "The bank needs stability and continuity," said the source about his nomination. Last year, Germany's largest lender agreed to settle a case over the alleged manipulation of interbank rates such as Libor for a record $2.5 billion with U.S. and British authorities, which had accused the bank of obstructing their investigation.

[...] A motion calling for an additional external investigation was voted down at the annual general meeting in May. Any evidence of wrongdoing would have made it an uphill battle for Achleitner to secure a second term as chairman. Deutsche is still investigating some former top executives, the paper said.

What was the Libor rate-rigging scandal?

The Libor scandal was a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is currently administered by NYSE Euronext, which took over running the Libor in January 2014.

Related: Three Convicted in Libor Rigging Trial
Deutsche Bank Nearing Multi-Billion Dollar Settlement with U.S. Dept. of Justice

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