“Forces in the market want to weaken us”: John Cryan seeks to reassure Deutsche Bank staff September 30, 2016 Deutsche Bank shares edged back over the €10 mark in mid-morning trading after chief executive sought to reassure staff in a company-wide memo. In the document, Cryan suggested the bank was strong and hit out at "speculators" for causing wild swings in the company's share price. "Our bank has become the object of heavy speculation – renewed rumours [...]
Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
Before the bell: What you need to know before the US market open September 29, 2016 Oil has given up some of its gains after the first Opec deal to curb supply in eight years sent it higher last night and it's not just Deutsche Bank that's in trouble as Commerzbank announces nearly 10,000 jobs are set to go. Here's what you need to know before the US market open at 2:30pm [...]
Chancellor Philip Hammond to close Help to Buy mortgage guarantee scheme at end of 2016 September 29, 2016 Chancellor Philip Hammond has confirmed that he will be closing the Help to Buy mortgage guarantee scheme at the end of this year. In a letter to Bank of England governor Mark Carney, he said the scheme's purpose has been "successfully achieved" and he will close it to new loans at the end of 2016. [...]
The number of mortgage completions made through Help to Buy fell year-on-year in June September 29, 2016 The number of mortgage completions made with the government's Help to Buy scheme has fallen by eight per cent year-on-year in June, according to figures from the Treasury. Completions made through Help to Buy reached 3,118, a monthly increase of 27 per cent. Read more: Government Help to Buy Scheme under fire over deposit clauses [...]
Bank of England announces latest details of landlord crackdown September 29, 2016 The Bank of England's crackdown on landlords kicked up a notch this morning, with a set of tough new lending restrictions for buy to let mortgages. Threadneedle Street's banking supervision arm, the Prudential Regulation Authority (PRA), has long been concerned with the risks the UK's buy-to-let sector poses to financial stability and has again tightened [...]
Commerzbank announces nearly 10,000 jobs up for the chop September 29, 2016 German lender Commerzbank has today announced it will be slashing just shy of 10,000 jobs, while also halting dividend payouts to cover the cost of the latest stages of its business overhaul. Around 9,600 full-time jobs will be shed from the bank over the course of the next four years, as it starts to close down [...]
The great Deutsche Bank sale begins as bailout rumours continue to swirl September 28, 2016 Deutsche Bank sold one of its less core businesses today, prompting speculation that more asset sales are on the cards at the troubled German lender as it faces the prospect of a multi-billion pound US fine. The bank agreed to sell British insurance business Abbey Life to Phoenix, which will bring in nearly £1bn in capital. [...]
Now Credit Suisse chief Tidjane Thiam sounds alarm on European banks September 28, 2016 Credit Suisse boss Tidjane Thiam has today become the latest in a list of names to warn Europe's banks are not in a healthy state. His comments come as Deutsche Bank's share price is swinging widely as rumours circulate as to whether the German government would be prepared to bail out the lender. The German giant, which [...]
As you might imagine, there isn’t one just reason why Deutsche Bank is in trouble – here are the key issues it faces September 28, 2016 Anyone that has picked up a newspaper recently will know that Deutsche Bank isn’t having a great time of things at moment. Its share price has tanked, there are talks of the German government intervening, parallels to Lehman Brothers and concerns that a whole new financial crisis could be sparked if Germany’s largest bank goes [...]