Germany wants Deutsche Bank DoJ fine wrapped up ASAP, as lender reaches settlement with SEC on another issue October 12, 2016 Deutsche Bank's investors are not the only ones who want a swift settlement on the US Department of Justice fine, as German officials have today spoken out calling for a deal to be done. The German lender is currently facing a potential penalty of $14bn (£11.5bn) for mis-selling mortgage-backed securities. Many had hoped chief executive John [...]
Housing market activity picked up in August following July’s dip October 12, 2016 Lending for house purchases increased 11 per cent in August as confidence started to return to the UK housing market. Homeowners borrowed £12.2bn in August, according to the Council of Mortgage Lenders (CML), up 14 per cent month-on-month and up 11 per cent year-on-year. Read more: This is how sterling's unstoppable slide will affect UK [...]
Brace yourself, Wall Street: These major banks have quarterly earnings out this week October 11, 2016 Wall Street investors are unlikely to have that Friday feeling this week, as several big banks are set to release results and the outlook is less upbeat than it could be. Wells Fargo, JP Morgan and Citigroup are all due to reveal earnings for their third quarter on Friday. Tim Ghriskey, chief investment officer at Solaris [...]
Deutsche Bank’s chief risk officer hits back and explains the real derivatives exposure October 9, 2016 Fears over Deutsche Bank's mammoth derivative exposure have been completely overblown according to its chief risk officer. Stuart Lewis got on the front foot when asked about the beleaguered German lender's derivative exposure this weekend. "The risks in our derivatives book are massively overestimated. The €46 trillion (£41 trillion) figure sounds gigantic, but it is completely misleading. The real risk is far [...]
Alternative mortgage lender LendInvest posts a 133 per cent rise in revenue as profit flattens out October 7, 2016 Alternative mortgage company LendInvest has posted a 133 per cent increase in gross revenues for the year to 31 March 2016. Revenue leapt to £32m, up from £14m in the year before. Profits for the lender – which is targeting the funding gap left by the retreat of high street banks from the sector – remained flat however, coming in at £3.4m, up [...]
London hedge fund bets big against Commerzbank October 6, 2016 Marshall Wace – a London-based hedge fund – has revealed a multi-million euro bet that shares in Germany’s second largest lender Commerzbank will fall. German filings showed the fund’s short position increased to 0.72 per cent of the bank’s outstanding shares, up from 0.63 per cent earlier in the week. The price at which the [...]
Deutsche Bank confirms 1,000 German jobs to get the chop October 6, 2016 Deutsche Bank has confirmed that 1,000 jobs are to be cut in Germany. The jobs are part of the 9,000 role reductions worldwide which were previously announced as part of the bank's Strategy 2020. The bank also agreed 3,000 jobs would be cut in June as part of a restructuring, so today's announcement brings the total role [...]
This is how many Brits have no clue how much credit card debt they have October 5, 2016 More than a quarter (28 per cent) of Brits with a credit card do not know how much debt they have on it and the same proportion (28 per cent) of adults cannot recall how much money they have in their current account, according to a study out today. The research, carried out by VoucherCodes.co.uk and [...]
Now the IMF has called on Deutsche Bank to do more to reassure investors October 5, 2016 Officials from the International Monetary Fund (IMF) have today called on troubled German lender Deutsche Bank to do more to reassure investors. Speaking at a press conference today, Peter Dattels, deputy director of the monetary and capital markets department at the IMF, said Deutsche Bank needed to "continue to adjust to convince investors that its business model is viable going [...]
Starting gun fired to restart sale of billions of pounds of distressed mortgages October 4, 2016 The government is preparing to put a multi-billion pound portfolio of mortgages it manages on behalf of failed lender Bradford & Bingley back on the market. UK Asset Resolution (UKAR) – whose role is to flog mortgages written by doomed lenders that include Bradford & Bingley and Northern Rock – signalled an end to its Brexit break by circulating non-disclosure agreements to prospective buyers. Read [...]