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 [...]
Deutsche Bank share price yo-yoing as investors await fine news October 4, 2016 Deutsche Bank's shares clipped a two-week high earlier this morning before dipping back down, as investors anxiously await news on a potential mega-settlement with the US Department of Justice (DoJ). The bank's shares are currently trading up 0.7 per cent at €11.64. However, at one point this morning, they reached €11.98, perhaps helped by JP Morgan boss Jamie Dimon [...]
Back down it goes: Deutsche Bank share price drops in US October 3, 2016 Deutsche Bank's US-listed shares have fallen three per cent, just hours after the market opened. Shares in the German bank plummeted last week, after various reports emerged doubting Chancellor Angela Merkel's appetite for state assistance, despite the lender facing a potential $14bn (£10.8bn) fine from the US Department of Justice (DoJ) for mis-selling mortgage-backed securities. However, [...]
Europe’s banking woes are inherently political October 3, 2016 We live in a time of political absurdity. At home, the opposition is led by an unreconstructed 1970s-style Marxist who spent the last three decades as a backbench irrelevance. Throughout continental Europe, extremist parties remain worryingly popular. And across the pond, there is a genuine threat that Donald Trump, a dangerously reactionary authoritarian megalomaniac, could get [...]
Deutsche Bank’s woes signal the fall of the House of Merkel October 3, 2016 “And the deep and dank tarn closed silently over the fragments of the House of Usher.” – Edgar Allan Poe With mighty Deutsche Bank, the largest lender in Germany and symbol of the country’s economic might, in dire straits, Germans are belatedly waking up to the nightmarish reality that the supposedly masterly inactivity of their wildly [...]
Fresh rumours emerge about bailout-ability of Deutsche Bank October 2, 2016 Fresh speculation over whether the German government could feasibly offer aid to Deutsche Bank has emerged in the country's media over the weekend. The bank's shares plummeted last week after reports emerged suggesting German Chancellor Angela Merkel would not be prepared to provide state assistence, even as the lender faced a potential fine of $14bn [...]