(Bloomberg) -- Deutsche Bank AG, Europe’s largest investment bank, dropped in Frankfurt trading after the Federal Reserve Bank of New York was saidto have faulted the regulatory reports of some of the firm’s U.S. businesses last year.

The regulator sent the bank a letter in December saying a review of its U.S. operations found they suffer from inadequate oversight, Jordan Thomas, a lawyer at Labaton Sucharow LLP, representing a former Deutsche Bank employee who has accused the company of masking losses, said by phone from New York today. He declined to say how he came to see the letter, whose contents were first reported by the Wall Street Journal late yesterday.

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