Deutsche Bank Libor fine: Seven crazy things traders said about Libor that cost the bank billions April 23, 2015 Deutsche Bank has been fined billions of pounds over misconduct in relation to fixing inter-bank lending rates Libor, Euribor and Tibor. Transcripts released by the New York Department of Financial Services (NTSDFS) reveal the banter between traders on setting the rates. Here are seven crazy conversations had by traders (emphasis ours). 1. The geezer On [...]
Deutsche Bank slapped with biggest ever Libor fine of £227m for “misleading” UK regulator April 23, 2015 Deutsche Bank has been slapped with a multi-billion pound fine by regulators, including the largest ever handed out by UK authorities, over Libor and Euribor rate-fixing. Germany's biggest lender has been fined £227m by the Financial Conduct Authority (FCA) over Libor and Euribor misconduct and for "misleading" the regulator during its investigation. Three regulators in [...]
Deutsche Bank sets aside €1.5bn as Libor fine looms April 22, 2015 Giant German lender Deutsche Bank last night said it is putting aside €1.5bn (£1.1bn) to pay for litigation costs incurred in the first quarter of the year. But despite the extraordinary charge, the bank still expects to report a profit for the three-month period, on the back of “near-record revenues.” The figure is thought to [...]
Workers strike as Deutsche Bank weighs up a sale of Postbank April 20, 2015 Deutsche Bank workers at its Postbank subsidiary voted to strike yesterday, as they demand employment protection amid a potential sale. A total of 94.8 per cent of the members of the Verdi union voted to strike indefinitely. To date, strikes have already closed 670 branches for as many as four days each. The union said [...]
Abu Dhabi Investment pockets €750m for Deutsche Annington April 15, 2015 THE ABU Dhabi Investment Authority last night sold off its remaining 14 per cent stake, or 23.5m shares, in Deutsche Annington for close to €750m. Bank of America Merrill Lynch (BAML) was the sole bookrunner for the Abu Dhabi Investment Authority on the deal. The price range for Deutsche Annington of between €30.80 and €31.79, [...]
Labour deal with Nicola Sturgeon will result in higher taxes and risks interest rate rise, warns Deutsche Bank April 13, 2015 A Labour-SNP deal after the General Election risks moving Labour even further to left with heavy tax increases, less austerity and could result in rising interest, according to Deutsche Bank. The top investment bank made the warning in an updated briefing note on the possible outcomes following the General Election. Deutsche Bank adds that no [...]
Santander and Deutsche fail US Fed stress tests March 11, 2015 TWO EUROPEAN banks have failed the Federal Reserve’s stress tests. The US central bank objected to the capital plans of the US operations of both Deutsche Bank and Santander. The Fed said its objections were made “on qualitative concerns” rather than quantitative. All the large US banks passed the tests, which were introduced in 2009. [...]
Traders at Barclays and Deutsche Bank questioned over Euribor rigging March 8, 2015 The Serious Fraud Office (SFO) is questioning former traders from Barclays and Deutsche Bank over possible Euribor rigging. According to the FT, which spoke to sources close to the matter, they are being interviewed “under caution”. This means the UK fraud investigators must have at least a reasonable suspicion of wrongdoing, and this type of [...]
Deutsche Bank left with seven per cent stake in Merlin Entertainments March 6, 2015 Deutsche Bank has been left with a seven per cent stake in London Eye and Madame Tussauds owner Merlin Entertainments, after it offloaded a chunk of the company's stock earlier this week. Shares in Merlin plummeted fro 425p to 419p after the bank issued a statement saying its holding had crossed a seven per cent [...]
Deutsche Bank’s Hewlett Packard outsourcing deal February 24, 2015 Deutsche Bank has signed a “multi-billion dollar agreement” to outsource large parts of its US banking IT infrastructure to Hewlett-Packard (HP). The 10 year deal, which mainly covers Deutsche Bank’s wholesale banking, will see HP provide dedicated data centre services with the aim of reducing infrastructure costs for the bank. Deutsche will retain activities such [...]