Clinton has Mylan and Wells Fargo in her sights with plans to target “bad corporate actors” October 3, 2016 US presidential candidate Hillary Clinton is set to go after "bad corporate actors", she's expected to say in a speech later. The Democratic hopeful plans to make it easier for consumers to take legal action against the likes of Wells Fargo and Mylan, who have recently both had run ins with regulators and corporate watchdogs. According [...]
Back down it goes: Deutsche Bank share price drops in US October 3, 2016 Deutsche Bank's US-listed shares have fallen three per cent, just hours after the market opened. Shares in the German bank plummeted last week, after various reports emerged doubting Chancellor Angela Merkel's appetite for state assistance, despite the lender facing a potential $14bn (£10.8bn) fine from the US Department of Justice (DoJ) for mis-selling mortgage-backed securities. However, [...]
ING announces largest restructuring since the height of the financial crisis with a refocus on technology October 3, 2016 Dutch banking group ING announced this morning that it plans to scrap 7,000 jobs as part of a near €1bn (£873m) restructuring. Cost savings of €900m by 2021 have been earmarked by ING, and the lay-offs represent approximately 12 per cent of the group's workforce. The job losses are the largest since its painful restructure at the height of the financial [...]
Bank of England confirms plans for additional stress tests for UK banks October 3, 2016 The Bank of England will push ahead with plans for an extra set of stress tests next year in order to assess the ability of the UK’s top lenders to weather a financial storm. The Bank’s Financial Policy Committee (FPC) confirmed today it will put the UK’s seven biggest banks and building societies through an [...]
Deutsche Bank’s woes signal the fall of the House of Merkel October 3, 2016 “And the deep and dank tarn closed silently over the fragments of the House of Usher.” – Edgar Allan Poe With mighty Deutsche Bank, the largest lender in Germany and symbol of the country’s economic might, in dire straits, Germans are belatedly waking up to the nightmarish reality that the supposedly masterly inactivity of their wildly [...]
Fresh rumours emerge about bailout-ability of Deutsche Bank October 2, 2016 Fresh speculation over whether the German government could feasibly offer aid to Deutsche Bank has emerged in the country's media over the weekend. The bank's shares plummeted last week after reports emerged suggesting German Chancellor Angela Merkel would not be prepared to provide state assistence, even as the lender faced a potential fine of $14bn [...]
About turn: Deutsche Bank shares leap in New York as rumours of a DoJ settlement swirl September 30, 2016 New York-listed shares in Deutsche Bank have jumped on reports the giant bank could be about to agree a $5.4bn (£4.2bn) settlement with US regulators after a dramatic day of trading on European markets. Shares jumped 14 per cent in lunchtime trading in the US, as rumours circulated suggesting it will pay significantly less than the [...]
What will your bank be called after RBS restructures? September 30, 2016 Royal Bank of Scotland Group (RBS) customers could see the name of their bank change, when the lender restructures to comply with UK ring-fencing regulations. RBS today set out its plans for the reshuffle – here's what the group is moving, and what the new entities will be called. RBS becomes Adam & Company… but not [...]
“Forces in the market want to weaken us”: John Cryan seeks to reassure Deutsche Bank staff September 30, 2016 Deutsche Bank shares edged back over the €10 mark in mid-morning trading after chief executive sought to reassure staff in a company-wide memo. In the document, Cryan suggested the bank was strong and hit out at "speculators" for causing wild swings in the company's share price. "Our bank has become the object of heavy speculation – renewed rumours [...]
Deutsche Bank shares plunge to new record low in fresh morning turmoil September 30, 2016 Deutsche Bank shares have crashed another eight per cent this morning as the German stock markets opened for trading. The lender was plunged into fresh turmoil last night as a string of key clients said they were cutting back on the amount of assets they store with the lender, raising fears some in the market [...]