Raid on Deutsche Bank’s Frankfurt offices enters second day as shares fall November 30, 2018 A raid on Deutsche Bank’s Frankfurt offices has entered its second day, German prosecutors said this morning, sending shares down by almost three per cent. The operation is targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. According to a statement from German prosecutors, [...]
Deutsche Bank’s offices raided by police in Panama papers probe November 29, 2018 Deutsche Bank’s Frankfurt offices have been raided by German police this morning in a suspected money laundering investigation. More than 170 police took part in the operation which was targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. Noch ist unklar, warum ein Großaufgebot [...]
Danske Bank money laundering whistleblower Howard Wilkinson slams UK company structures as a ‘disgrace’ November 21, 2018 Danske Bank whistleblower Howard Wilkinson slammed British company structures for covering up money laundering activities. Wilkinson, who revealed an alleged €200bn (£178.1bn) money laundering scandal involving his former employer, said limited liability partnerships and Scottish liability partnerships “have been abused for years”. “The role of the United Kingdom is an absolute disgrace. Limited liability partnerships [...]
Danske Bank whistleblower says he was offered hush money November 19, 2018 The whistleblower at the heart of a widening money-laundering scandal centred on Danske Bank has claimed the Danish bank tried to pay him to keep silent, and implicated a major European lender, reported to be Deutsche Bank, and two US banks in having handled suspect funds. Howard Wilkinson – head of Danske Bank’s trading unit [...]
Deutsche Bank to revise cost-cutting target, says finance chief James von Moltke November 14, 2018 Deutsche Bank has sped up its cost-cutting plan, chief financial officer James von Moltke revealed today. Previously, the bank said it is aiming to lower expenses to €21bn (£18.31bn) by 2021, however von Moltke said today that costs may need to be “substantially lower.” “We need to do better than that," von Moltke said at a conference [...]
JP Morgan makes senior hire from Deutsche Bank November 13, 2018 JP Morgan has hired a senior banker from Deutsche Bank amid the German lender’s restructuring of its investment bank. Claire Brooksby has joined JP Morgan’s UK financial institutions coverage team in London as a managing director. She spent eight years at Deutsche, most recently leading the bank’s financial institutions group in the UK. Prior to [...]
Big three eurozone investment banks Deutsche Bank, Societe Generale and BNP Paribas face €11bn threshold after EU stress test November 13, 2018 Top European investment banks would have to raise €11bn (£9.57bn) to meet the informal threshold implemented by the central bank following a stress test. Deutsche Bank, Societe Generale and BNP Paribas would need to raise the funds, according to Reuters calculations, after the European Central Bank (ECB) said eurozone banks with capital worth less than nine [...]
Which way for markets? It’s all about the midterms November 6, 2018 Americans will cast their vote in the US midterm elections today, and the results will set the tone for stock markets around the world. All 435 seats in the House of Representatives are up for grabs, while 35 of the 100 Senate seats will be on offer too. The big picture result will centre around [...]
Ex-Deutsche Bank trader charged over Euribor manipulation granted conditional bail October 24, 2018 A former Deutsche Bank trader charged with conspiracy to defraud as part of an investigation into the manipulation of the Euro Interbank Offered Rate (Euribor) was granted bail today, on the condition that he remains resident at a fixed location within the UK. Andreas Hauschild, a German national, appeared before Judge Michael Gledhill at Southwark [...]
Deutsche Bank profits beat expectations but investment banking slides October 24, 2018 Deutsche Bank posted a faltering set of numbers this morning, experiencing falls in its corporate and investment bank as well as a drop in profit that still beat expectations. The figures Pre-tax profit plunged 46 per cent to €506m (£447m) year-on-year for the bank’s third quarter, it revealed today. However, these still surpassed analyst expectations [...]