Deutsche Bank profits cut in half by litigation costs April 27, 2015 DEUTSCHE Bank’s profits were slashed in half by soaring litigation costs in the first quarter, the lender announced yesterday, after it settled a £1.7bn Libor fine with regulators on Thursday. The German investment bank recorded a strong rise in revenues, joining the industry-wide growth in trading income, but that was more than outweighed by the [...]
Deutsche Bank wields axe after £1.7bn fine: Staff fired over Libor fixing scandal but top bosses stay April 23, 2015 Deutsche Bank was ordered to fire another seven staff yesterday for manipulating Libor submissions between 2005 and 2010 – but no top bosses have resigned over the scandal. The $2.5bn (£1.7bn) fine is far bigger than any previously levied on other banks, in part because Deutsche’s staff misled regulators and tried to cover up [...]
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 [...]