Standard & Poor's believes financial institutions will be largely insulated from shocks in cryptocurrency markets, with retail investors likely to bear the brunt of a collapse in market values, according to Finextra. Mohamed Damak, S&P Global Ratings financial institutions sector lead, was quoted as saying: "For now, a meaningful drop in cryptocurrencies' market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate." The US Treasury's financial crimes enforcement unit says Latvian bank ABLV "has institutionalised money laundering as a pillar of the bank's business practices". The European Central Bank has frozen all payments by the bank following the accusations that ABLV laundered billions in illicit funds, including for companies involved in North Korea's banned ballistic missile programme. If that wasn't enough, Latvia's central bank governor Ilmars Rimsevics, who is also the country's representative on the ECB, is facing accusations of accepting bribes. Deutsche Bank is cutting up to 500 investment banking and trading jobs ahead of its 2017 bonus payouts, reports the FT. The positions include senior and mid-rank bankers in New York and London. Staff made redundant are expected to be ineligible for 2017 bonus payouts.