Acquitted German Bank : Process to derivative transactions
Fri , 07:03:14 15:45
MILAN ( Reuters) - The German bank has been acquitted by an Italian court in the second instance in the dispute over derivatives transactions with the city of Milan. The appeals court in Milan ruled Friday that in the event any criminal act , such as the news agency Ansa reported . In addition to Deutsche Bank and the now merged into the nationalized Hypo Real Estate Depfa , the U.S. Institute JPMorgan and UBS , the Swiss and nine employees were acquitted of charges of fraud.
The German bank reacted with satisfaction at the decision. ' The judgment confirms that the German Bank and its employees have acted correctly and in accordance with laws and regulations , " it said in a statement. The four financial institutions had been convicted last year in the first instance to pay a penalty in the amount of one million euros .
In the case concerned the issue of a multi-billion dollar loan from the city of Milan in 2005 , which was covered by the underwriters' over several interest rate bets ( swaps). Since these have evolved at the expense of local communities and in favor of the Institute , the city felt ripped off and took action against the banks. / Mms / DP / stb
LONDON-- Deutsche Bank AG's global compliance and regulatory-affairs chief, Andrew Procter, has resigned from the bank to join law firm Herbert Smith Freehills LLP as partner, starting in June.
Mr. Procter is leaving Deutsche Bank as it faces a wide range of regulatory challenges in Europe, the U.K. and the U.S.
A person familiar with the matter said Mr. Procter was approached by Herbert Smith Freehills in late 2013 and that his departure is unrelated to Deutsche Bank's current legal and regulatory issues.
"Andrew has been a highly valued colleague for nine years, and we wish him well in his new role which begins in June after a transition period, " a Deutsche Bank spokesman said.
The bank hasn't chosen a replacement, the person said.
Mr. Procter joined Deutsche Bank in 2005 and held the title of global head of compliance and government and regulatory affairs. From 2001 to 2005, he was enforcement chief at the U.K. Financial Services Authority.
Deutsche Bank in an internal email to employees said Mr. Procter "made a decision to return to legal practice" and praised his work at the bank. The memo, which was confirmed by a bank spokesman, was signed by Stephan Leithner, chief executive officer of Europe except Germany and the U.K., and a member of the management board.
"I would like to express my personal gratitude for the wise counsel and insight that Andrew has provided to me and to the Bank over nine years across the portfolio of his responsibilities," Mr. Leithner said in his email. "He leaves a strong and committed function with an experienced senior team."
The memo said the bank's chief governance officer and deputy global compliance chief, Daniela Weber-Rey, will work with regional compliance heads during the transition related to Mr. Procter's departure.
see new from 02.27.:
Obviously, the electric car giant is going to partner with other companies on the factory, (the plant will cost between $4 and $5 billion in terms of capital expenditures 2020, with $2 billion coming from Tesla), and it's likely that Panasonic, which already builds the lithium-ion cells for Tesla, could be a partner.
Result over Expectations and Dividend up to 0.25 chf (0.15)
The U.S. investment bank Goldman Sachs has raised its target price for UBS before the number template of 20.70 to CHF 21.10 and the classification to "Buy". Analyst Jernej Omahen expects in an industry study presented on Tuesday with European investment banks with a weaker trend in bonds, currencies and commodities (FICC). The focus lies on the otherwise sharp rise in provisions for litigation. Omahen preferred UBS as a single value with a buy recommendation. / Ag / men