Deutsche Bank under pressure from UK regulator over compliance failings March 2, 2020 The British financial regulator has criticised Deutsche Bank for failing to improve its compliance and anti-money laundering controls, and warned this could threaten the lender’s access to the UK post-Brexit. Bank of England regulators have told the German lender they now require monthly updates, as opposed to typical quarterly meetings, according to the Financial Times. [...]
Deutsche Bank taps US tech giants to help with overhaul efforts February 11, 2020 Deutsche Bank has reportedly invited bids from Google, Microsoft and Amazon to overhaul its outdated technology networks as part of a wider turnaround effort by the German lender. Deutsche approached the US tech giants as part of a €13bn (£11bn) technology investment it has planned up to 2022 as it seeks to recover from years [...]
Deutsche Bank’s plans to simplify corporate structure win regulatory backing February 11, 2020 Deutsche Bank’s plan to simplify its complex corporate structure in Germany has won the backing of local and European regulators, in a boost for boss Christian Sewing’s turnaround plan for the German lender. Under the plans, Deutsche will eliminate the separate legal entity that houses its domestic detail operations, known as Deutsche Bank Privat- und [...]
Deutsche Bank adds investment giant Capital Group as major shareholder February 6, 2020 Deutsche Bank has welcomed Capital Group as a major shareholder after the Los Angeles-based investment giant has bought a 3.1 per cent stake in the German bank. The investment, disclosed in a regulatory filing, makes Capital — which managed $1.8 trillion— one of Deutsche’s largest shareholders. It also marks the first major new shareholder in [...]
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 [...]