EU mulls new anti-money laundering body following scandals October 31, 2019 The EU is set to explore the creation of a new central authority to tackle money laundering after a series of high-profile scandals highlighted the bloc’s weakness in preventing dirty cash flowing through its banks. Finance ministers from EU countries are expected to mandate the European Commission to recommend a new “independent” enforcement body with [...]
Deutsche Bank CEO: Central banks lack tools to prevent economic crisis September 25, 2019 The turnaround boss of Deutsche Bank struck a gloomy tone over the future of the world economy today, warning that central banks have already “turned on the money tap to the limit” and forecasting that the current US-China trade war will persist. Christian Sewing, who is chief executive of the struggling German lender, told banking [...]
Boss Christian Sewing to buy £19,000 of Deutsche Bank shares every month until 2023 September 2, 2019 The boss of embattled German lender Deutsche Bank will spend 15 per cent of his monthly net salary buying shares in the company. As part of a pledge earlier this summer, chief executive Christian Sewing will buy €21,250 (£19,339) of shares in the bank on the 22nd of each month until the end of 2022, [...]
Deutsche Bank fined $16m over US corruption charges August 23, 2019 Deutsche Bank settled for more than $16m with US authorities yesterday amid charges it had hired the relatives of foreign officials to win business. The Securities and Exchange Commission (SEC) said that it had fined the bank for hiring poorly qualified people just to get close to their decision-making relatives. Under the settlement’s terms Deutsche [...]
London Deutsche Bank trader charged in Germany for ‘VAT fraud’ August 7, 2019 A trader who worked at Deutsche Bank in London has been charged by German prosecutors for his suspected role in VAT fraud. A 48-year-old Austrian is “accused of having participated as a member of a gang in a VAT carousel” connected to €145m of evaded tax, a statement from the Frankfurt Attorney General’s office said. [...]
How CEO Christian Sewing can save Deutsche Bank July 16, 2019 Pity Christian Sewing. The chief executive of German banking giant Deutsche Bank is not having a good time. What started with a tough but brave call to close his equities business has turned into a low point in the company’s history. There is the potential investigation into its entanglement with the scandal concerning the insolvent [...]
Deutsche Bank: saved in the nick of time? July 11, 2019 Will this be seen as the week when the Deutsche Bank supertanker started to turn, or began to list? The scale of the restructuring announced by chief executive Christian Sewing was certainly dramatic, but it left many in the City asking why the bank had waited so long before attempting to change course. Traders in the [...]
Deutsche Bank considers cutting up to 20,000 jobs June 28, 2019 Deutsche Bank is contemplating cutting between 15,000 and 20,000 jobs from its global equities division according to reports from Bloomberg and the Wall Street Journal. The news, revealed on Friday, would mean around 20 per cent of the company’s global workforce lose their jobs. Read more: Bank of Ireland sells UK credit card portfolio to London [...]
Deutsche Bank enters Britain’s mortgage market, launching regulated product May 29, 2019 Deutsche Bank Wealth Management has announced it will offer regulated mortgages to its private banking clients in Britain. Clients looking to buy houses in the UK and borrow £3m or more at competitive loan-to-value and interest rates will be able to use the product. The wealth manager will roll it out to clients who want [...]
City Moves for 29 May – Who’s switching jobs at Clearstar, Deutsche Bank Wealth Management and The Office Group? May 28, 2019 Today's City Moves includes Clearstar, Deutsche Bank Wealth Management and The Office Group. Clearstar Clearstar has announced that it has appointed Jennifer Balleza as the company’s chief financial officer with immediate effect. Jennifer, who has been serving as the company’s interim chief financial officer since January 2019, is not being appointed to the board of [...]