An examination by the Federal Reserve Bank of New York found that Deutsche Bank's giant US operations suffer from a litany of serious financial-reporting problems that the lender has known about for years but not fixed, according to documents reviewed by The Wall Street Journal.

In a letter to Deutsche Bank executives in December, a senior official with the New York Fed wrote that reports produced by some of the bank's US arms "are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm's entire US regulatory reporting structure requires wide-ranging remedial action."