|Bid||7.18 x 39400|
|Ask||7.22 x 38500|
|Day's Range||7.14 - 7.23|
|52 Week Range||6.44 - 9.47|
|Beta (3Y Monthly)||1.62|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||5.57|
In a major blow to U.S President Donald Trump, a federal appeals court on Tuesday ruled that Deutsche Bank and Capital One had to comply with congressional subpoenas and hand over years of Trump's private financial records to House Democrats. The Manhattan-based 2nd U.S. Circuit Court of Appeals rejected Trump's bid to block two House of Representatives committees from enforcing the subpoenas, which were issued in April, months before the impeachment inquiry began. Two House Committees had asked Deutsche Bank for records related to Trump, three of his children and the Trump organization. They also requested that Capitol One hand over records related to the Trump Organization's hotel business. Lawmakers said these requests are part of a wider investigation into money laundering and foreign influence over U.S. politics. Deutsche Bank has long been a principal lender for Trump's real estate business. A 20-17 disclosure form showed that Trump had at least $130 million dollars of liabilities to the bank. Congressional investigators have already identified possible failures in Deutsche Bank's money laundering controls in its dealings with Russian oligarchs… AND in 20-17, the Bank agreed to pay regulators in the U.S. and Britain over $600 million dollars in fines for organizing $10 billion dollars in sham trades that could have been used to launder money out of Russia. Trump has broken from tradition by not releasing his tax returns as a candidate in 2016 and as president. He is expected to appeal the latest ruling to the Supreme Court, where he is already appealing two other lower court decisions requiring the disclosure of his financial records.
Germany's Deutsche Bank could now be under closer scrutiny by US justice officials .. Over its role in Danish lender Danske Bank's huge money laundering scandal. Sources tell Reuters the Department of Justice has in recent weeks stepped up investigations ... And is working with Frankfurt prosecutors. Danske's admissions last year that 200 billion euros of suspicious payments flowed through its Estonia branch triggered probes worldwide. The bulk of payments - sources have previously told Reuters - were processed by Deutsche. One source says the new line of inquiry is over whether Deutsche helped move tainted money from Danske into the US. If so, it could lead to steep financial penalties. Deutsche has already paid 700 million dollars in fines by US and British regulators over a separate money laundering case. A spokesman for the German lender said it had significantly improved controls in recent years. But the sources say investigators are also looking at whether it was too slow to report suspicious transactions.
Orange will carve out its mobile towers in Europe from its main business with a view to consolidation or stake sales, as the French telecoms group targets a return to “significant” growth. Several European telecoms companies, including Vodafone, Telefónica, Telecom Italia and Deutsche Telekom, have monetised their towers by splitting them from their core operations.
The House Financial Services and Intelligence committees asked Deutsche Bank and Capital One for records of Trump’s business ventures.
from scrutiny as Deutsche Bank was ordered to disclose his records to Congress. The decision on Tuesday by a federal appeals court in New York adds to a string of cases that will probably be ultimately decided by the Supreme Court, which Mr Trump has asked to support his claims of immunity from investigation.
This article originally appeared on MarketWatch, a sister publication of Barron’s. We publish articles from other Dow Jones sites when we think our readers will enjoy them. Is that you, Santa Claus? December has kicked off with upbeat news on Chinese factory activity.
FRANKFURT/NEW YORK (Reuters) - The U.S. Department of Justice has in recent weeks stepped up its investigation into Deutsche Bank's role in the 200 billion euro ($220 billion) Danske Bank money laundering scandal, four people familiar with the inquiry told Reuters. One source said the DoJ's new line of inquiry is whetherDeutsche helped move tainted money from Danske , Denmark's largest lender, into the United States. Officials from the DoJ, who have been working closely withEstonian prosecutors for around a year, have also beguncooperating with Frankfurt state prosecutors, the sources said.
Deutsche Bank’s top internal dealmaker has quit to join a hedge fund, underlining the challenge Germany’s biggest bank faces in keeping senior executives during the most radical restructuring in its 149-year history. James Ruane, who has overseen Deutsche Bank’s own internal merger and acquisition activity — including the transfer in September of its prime brokerage business to BNP Paribas — is joining hedge fund Bayview International as head of European special situations. The exit of Mr Ruane, who was part of chief executive Christian Sewing’s inner circle that led the aborted takeover talks with Commerzbank earlier this year, comes a week before the bank holds a capital markets day at which it will hope to convince investors that a reshaping of the bank to focus on its domestic market, as well as Europe, remains on track.
Deutsche Bank (DB) vends bad assets worth $50 billion to Goldman Sachs as part of its broader restructuring efforts to restore profitability.
To conduct the transaction, Deutsche is using a capital release unit — a bad bank — to unwind $195 billion in leverage exposure to poor-performing securities. The firm aims to reduce leverage exposure by almost 50% by the end of this year. Updated capital and leverage targets.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Deutsche Bank AG has found a willing partner in Goldman Sachs Group Inc. as the German lender tries to quickly offload billions of euros worth of unwanted assets.The U.S. bank bought securities with a notional value of about 40 billion pounds ($51 billion) from the German firm, people briefed on the matter said. It’s at least the second time Goldman Sachs has taken advantage of the sweeping deleveraging effort underway since Deutsche Bank Chief Executive Officer Christian Sewing unveiled a new turnaround plan in early July.In September, the U.S. investment bank purchased the Asian portion of a portfolio of equity derivatives that the German lender had put up for sale, people familiar with the matter said at the time. Barclays and Morgan Stanley each bought a portion too, the people have said. And BNP Paribas previously agreed to take over the hedge fund business.The assets bought by Goldman in the latest deal are tied to emerging market debt and were previously housed in Deutsche Bank’s wind-down unit, one person said. They asked not to be identified discussing the private deal. Representatives for Deutsche Bank and Goldman Sachs declined to comment.Deutsche Bank shares rose as much as 1.9% on the news, paring this year’s decline to about 4.4%. That compares with an increase of about 5% for the wider industry.Deutsche Bank’s wind-down unit is a cornerstone of the July revamp under Sewing. Its goal is to release tied-up capital by reducing assets quickly while avoiding deep write-downs on them. Ultimately, that’s expected to help the bank replenish its capital buffers, which the CEO is currently drawing down to cover the costs of the restructuring.For Goldman, it’s an opportunistic move that allows the firm to help burnish its brand and could aid in its expansion of market share. The move isn’t designed to be a major profit driver but allows Goldman to expand its scale and take advantage of a competitor shrinking its trading presence. Large, established trading desks at the big banks have been benefiting from some of their smaller competitors ceding ground to increase their dominance.Sewing has vowed to cut the leverage exposure -- a regulatory measure of risk -- in the wind-down unit to 119 billion euros ($131 billion) at the end of the year, from 177 billion euros at the end of September.The unit trading emerging-market debt had a weak third quarter, though momentum picked up at the end of the period, the bank said in late October. Deutsche Bank plans to maintain a “robust, broad-based” emerging markets debt-trading platform, it said. The portfolio just sold to Goldman Sachs was moved into the wind-down unit in July, one person said.It’s not clear how much the latest sale will contribute to Sewing’s goal since an asset’s notional value says little about its impact on the balance sheet.(Adds Goldman context in seventh paragraph.)\--With assistance from Sridhar Natarajan.To contact the reporters on this story: Justin Carrigan in Dubai at email@example.com;Steven Arons in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Ross LarsenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank has sold $50 billion in unwanted assets to Goldman Sachs as part of its restructuring, three people with knowledge of the matter said on Wednesday. As part of a broad overhaul, Deutsche has hived off billions in assets into a so-called capital release unit, also called a bad bank. The sale to Goldman marks the latest in a series of disposals of such assets.
Deutsche Bank has sold $50 billion in unwanted assets to Goldman Sachs as part of its restructuring, three people with knowledge of the matter said on Wednesday. The assets, related to emerging-market debt, were part of Deutsche's unit to wind down unwanted securities, the people said, confirming a development first reported by Bloomberg. As part of a broad overhaul, Deutsche has hived off billions in assets into a so-called capital release unit, also called a bad bank.
Deutsche Bank has offloaded a portfolio of emerging market debt derivatives to Goldman Sachs, as Germany’s biggest bank rids itself of billions of euros of assets as part of a radical restructuring. Chief executive Christian Sewing in July announced plans to shed about €282bn in non-core assets in a move that would shrink its balance sheet by a fifth. Deutsche Bank moved the securities — that it would either sell or wind down — into a co-called capital release unit.
US Hopeful of China Deal, China Less So National Security Adviser Robert O’Brien is still hopeful that a phase 1 trade deal can be signed by the end of the year. Still, the fact that he isn’t striking a more optimistic tone suggests that he’s not very hopeful at all. In a statement in Halifax […]The post Market Morning: China Angry, Deutsche Wants More Stimulus, California Ups Cannabis Taxes appeared first on Market Exclusive.
(Bloomberg) -- Istanbul is working on a plan to sell Eurobonds to finance projects after state lenders “shut the doors” on the city’s opposition-run local government, according to Mayor Ekrem Imamoglu.“It’s sad that the state lenders remain distant to us since we came into office,” Imamoglu told reporters on Sunday. “I don’t know what their motives are. However, I have no doubt that we will find funding from Europe.”The new mayor’s remarks highlight the difficulties he faces running the nation’s largest city after wresting control from Presidetn Recep Tayyip Erdogan’s ruling AK Party. Imamoglu was in London earlier this month as part of his trips abroad to secure financing for infrastructure projects. The success of those plans is critical to the political future of the 49-year-old mayor, who’s widely seen as a potential contender to Erdogan in next presidential election, currently scheduled for 2023.The mayor said a 110 million euro loan ($121.3 million) from Deutsche Bank will help resume construction of a subway project that has been on hold for two years. The municipality is no longer able to use state-run banks to fund operations even though it’s been a key conduit for most daily activities, including paying salaries, according to Imamoglu.“They haven’t even let us take out routine loans. The state banks seem to have shut the doors on us,” he said. The municipality got loans from private banks in Turkey and abroad to be able to continue basic operations and fund key infrastructure projects, he said.Istanbul Weighs $500 Million Bond Sale to Finance Projects Imamoglu faces an unconsolidated debt that has more than tripled since 2014. Should the city council back his bond plan, it would still need to be approved by the Treasury and Finance Minister Berat Albayrak, a son-in-law of the president. Imamoglu said he expected the required approvals to come through.Erdogan’s Rivals Drag Out Debt Skeletons From Istanbul’s ClosetImamoglu is well-versed in facing obstacles put up by Erdogan. After his Republican People’s Party won the original vote in March by a slender margin, Erdogan and allies complained of election fraud. Following the authorities’ decision to nullify the vote, Imamoglu beat Erdogan’s candidate by nearly a million votes in a June election do-over, leaving little room for doubt or complaints.(Updates with more details throughout.)To contact the reporters on this story: Inci Ozbek in Istanbul at firstname.lastname@example.org;Tugce Ozsoy in Istanbul at email@example.comTo contact the editors responsible for this story: Onur Ant at firstname.lastname@example.org, ;Blaise Robinson at email@example.com, Amy TeibelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank Aktiengesellschaft's (ETR:DBK): Deutsche Bank Aktiengesellschaft provides commercial and investment...
(Bloomberg Opinion) -- To get Brooke Sutherland’s newsletter delivered directly to your inbox, sign up here.A once mighty engine of profit for Siemens AG and General Electric Co. isn’t dead just yet, but the business will remain a ghost of its former self. The market in question is gas turbines, equipment that sits at the heart of natural gas power plants and helps to generate electricity. A glut of capacity and the reduced cost of renewable energy tanked demand for these engines, sparking years of painful slides in profitability and massive rounds of cost-cutting. Recently, though, orders have started to perk up modestly; regions such as China are converting to gas from coal or nuclear power, while elsewhere there is a growing recognition that the flexibility and reliability of turbines gives them a role to play even in a world tilting increasingly toward alternatives. In what may be a nod to this recent improvement, Siemens CEO Joe Kaeser told Bloomberg News this week that the company may keep only a 25% stake in the struggling energy unit it plans to spin off. That would constitute a more extensive break than what was envisioned when Siemens announced the overhaul in May with the intention of retaining a “somewhat less than 50%” holding — seemingly a bet that the apparent bottoming in demand will entice more support from the public market.Indeed, Siemens saw a 9% increase in comparable orders in its gas-and-power division in the fiscal fourth quarter and said its market share in large gas turbines held roughly steady in 2019. Deutsche Bank AG analysts led by Gael de-Bray this week outlined a path for a 20% recovery in Siemens gas turbine orders to 10 gigawatts annually. The analysts acknowledge this is an out-of-consensus view, but even GE, the poster child for gas power woes, has seen business come in better than expected. Year to date, GE logged gas power orders of 12.8 GWs, compared with 7.2 GWs in the same period in 2018, Chief Financial Officer Jamie Miller said on the company’s third-quarter earnings call. That adds support to CEO Larry Culp’s optimism that overall market volume may exceed GE’s dire forecast of just 25 to 30 GWs at the beginning of the year. This recent stabilization in demand is encouraging, but the question isn’t just whether companies can attract orders, but whether they can deliver them and any associated maintenance work profitably. The Deutsche Bank analysts estimate the Siemens Energy spinoff (which includes a 59% stake in Siemens Gamesa Renewable Energy SA) can reach its goal of doubling its adjusted profit margin to about 8% by 2021, a reflection of growth in more profitable service work and targeted cost savings of 700 million euros. Progress is progress, but it should be noted that an 8% margin isn’t exactly blockbuster profitability, and that number reinforces the idea that there is a more structural shift in the power market that will keep a lid on further improvements.GE, for its part, has said fixed costs are down 9% year to date in the gas power business, although it has also pushed out some restructuring work, in part because negotiations in Europe are taking longer than expected. Its own gas-power service revenue has declined in the past three quarters. Even so, Melius Research analyst Scott Davis has argued there’s no structural reason that margins can’t return to the mid-teen levels of yesteryear. He bases this in part on the idea that Siemens, as its top competitor, cares deeply about boosting its own margins and that will help keep pricing rational. In response to that, I would point you to the other power market news making the headlines this week: Mitsubishi Heavy Industries CEO Seiji Izumisawa is leaving the door open to a combination or collaboration with Siemens’s power business once it’s carved out. Siemens had reportedly been in talks to merge the gas-turbine business with Mitsubishi before deciding to go ahead with the spinoff instead.(1) “We do have a good relationship with Siemens,” Izumisawa said in an interview at Bloomberg Headquarters this week. “I will not deny the possibility that we could possibly work with them.”Such a move would substantially shift the competitive landscape, and it’s far from clear that Mitsubishi would have the same discipline if it was in charge of the pricing for Siemens’s new units and service agreements. Asked whether market share or profitability was more important amid weak demand for turbines, Izumisawa said that the most important thing was for the business to make money and generate value for shareholders, but within that, there’s an understanding that after-market services are responsible for most of the profit in the gas turbine business. That gives the company an interest in making sure it’s delivering a consistent number of units, he said. While Izumisawa said the Siemens spinoff doesn’t directly affect Mitsubishi’s business strategy, he acknowledged competition is only getting tougher. Siemens’s Kaeser has spoken about the likelihood that China will want its own national champion to capitalize on an expected boom in gas power demand as the country converts from coal. To that end, Izumisawa touted the productivity and reliability benefits offered by Mitsubishi’s high-efficiency J-series turbines as a tool for luring customers. The company’s estimate of greater than 64% efficiency for that product exceeds the 62.2% for GE’s 9HA turbine, and Mitsubishi is working to further expand that lead with its next generation turbine, Gordon Haskett analyst John Inch wrote in a June report. Here I will remind you that GE has cut R&D at its power unit substantially over the past few years. Point being, demand may be stabilizing, but the market is only getting more competitive. LEAKING FUELSome worrying signals for the aerospace market emanated from the Dubai Air Show this week. Emirates trimmed order commitments for both Boeing Co. and Airbus SE jets, with the reductions adding up to $24 billion at list prices. Big aircraft like Boeing’s 777X are falling out of favor as weakening demand and fare competition sparks concern about airlines’ ability to fill the planes profitably. Emirates will take 126 777X jets, including six orders for older models that were upgraded to the newest version, and 30 of Boeing’s smaller 787 Dreamliners. All in, that’s 40 fewer planes than planned. The airline upped its order for Airbus’s A350 wide-body jet, but seemingly scrapped a commitment for 40 A330neos that was part of the original deal, resulting in a net loss.A bright spot was Airbus’s longer-range A321 XLR model. Boeing’s counter to that, a potential new middle-market aircraft, remains a question mark amid the continuing crisis engulfing its 737 Max. The more orders Airbus is able to rack up in the meantime, the weaker the business case for that Boeing jet. Airbus is already moving on: The manufacturer talked about developing a narrow-body jet by the end of the 2020s if key technologies are available, likely kicking off a new front in the arms race with Boeing, notes Bloomberg Intelligence’s George Ferguson. The MCAS software system blamed for the Max’s two fatal crashes was installed to make up for the fact that the existing 737 model infrastructure was less adaptable to more fuel-efficient engines. Clean-sheet development programs like the one Airbus is contemplating won’t come cheap and the fact that the planemakers’ are considering them speaks to a potentially more structural shift away from wide-bodies in the current demand environment. DEALS, ACTIVISTS AND CORPORATE GOVERNANCE Thyssenkrupp AG’s plan to sell off its prized elevator division got more complicated this week. The company plunged the most since 2000 on Thursday after warning that a deepening cash crunch would force it to suspend dividend payments. Selling off the entire elevator business – whose exposure to the growing urbanization trend makes it a rare bright spot for Thyssenkrupp – would bring in much needed cash to fund restructuring for the remaining steel, submarines and industrial businesses. But that would also deprive Thyssenkrupp of its top source of cash flow should the turnaround plan fail to gain traction. Binding bids for the elevator unit are due in mid-January, people familiar with the matter told Bloomberg News. Rival Kone Oyj has partnered with private equity firm CVC Capital Partners for a bid and has reportedly offered a sizable breakup fee to help convince Thyssenkrupp to put aside antitrust concerns. Also in the running are a consortium of Blackstone Group Inc., Carlyle Group LP and Canada Pension Plan Investment Board; an Advent International, Cinven and Abu Dhabi Investment Authority team; Brookfield Asset Management; Asian private equity firm Hillhouse Capital, whose connection to China may also draw scrutiny; and 3G Capital, which is better known for its troubled food investments.Cobham Plc’s planned sale to Advent International advanced a step this week after the U.K. government said it was likely to accept remedies designed to address national security concerns over the $5 billion takeover of a military supplier. The deal still risks being caught in the political crossfire with a final ruling not expected to come until Dec. 17, five days after the U.K. general election. The opposition Labour Party has taken a dim view of the deal amid a spike in foreign acquirers taking advantage of the pound’s Brexit-fueled weakness. The deal has few benefits for Britain, but a block on purely protectionist grounds would set a bad precedent, as my colleague Chris Hughes has written. “If the U.K. merely rues that Cobham is worth more in U.S. hands, it should instead ask whether past industrial policy is to blame and learn the lessons,” Chris writes. Approval likely comes with some strings, though, including job commitments and potentially an agreement to keep Cobham’s headquarters in the U.K.BONUS READINGAmazon Has Become America’s CEO Factory The Inglorious End of the Airline Mile as a Unique Travel Reward Conoco's 2020s Plan Is to Embrace the FUD: Liam Denning Amtrak CEO Has a Plan for Profitability, and You Won’t Like It General Motors Declares Corporate War on Fiat: Chris Bryant Major TARP Survivor Sees Warning in Exuberant Florida Developers(1) That was likely a reflection of an unwillingness by Kaeser (who’s due to retire in 2021) to risk having another bruising fight with European antitrust regulators slow down his plans for a boosted valuation.To contact the author of this story: Brooke Sutherland at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Christian Sewing’s efforts to scale back Deutsche Bank AG are paying off, with authorities saying the lender is now less of a risk to the financial system.The German bank moved down a notch in the Financial Stability Board’s ranking of risk, meaning it will probably face a lower requirement for the so-called leverage ratio, a list published on Friday showed. JPMorgan Chase & Co. remained the world’s most global systemically important bank while Toronto-Dominion Bank was added to the list at the lowest level.Sewing, Deutsche Bank’s chief executive officer, is rolling back years of breakneck expansion when the lender sought to go head to head with U.S. investment banks. In July he unveiled the most sweeping restructuring plan in decades, including cutting a fifth of the workforce through 2022 and exiting equities trading. The bank is also shrinking the fixed-income business, long one of its major areas of strength.“We’ve been taking active steps to make the firm simpler, clean up the balance sheet, and focusing on making the bank smaller and having more stable revenues,” Dixit Joshi, group treasurer, said in an interview.The FSB’s list is based on data as of the end of 2018 and doesn’t take into account the lender’s additional changes this year, he said. “While I can’t speak to future scores directly, as we continue execution of our strategic plan, there may be potential reductions in the G-SIB score categories.”Deutsche Bank had already flagged the potential FSB change, although it probably won’t affect its risk-based capital requirements because German regulator BaFin has its own measure. The FSB assessment suggests that the leverage ratio, a measure of bank’s balance sheet that doesn’t take account of its risk, will be 3.75% of 4% when the requirements take effect in 2022. The bank targets a level of about 5% by the end of that year.What Bloomberg Intelligence Says:The FSB’s decision to move Deutsche Bank to Bucket 2 of Global-Systemically Important Banks from Bucket 3 is a modest credit-positive. The decision confirms DB’s reduced size and complexity.\--Jeroen Julius, BI credit analystClick here to view the pieceThat means the change may not not make Sewing’s overhaul much easier. He plans to use some of the bank’s risk-based capital to shoulder restructuring charges. Still, it may be viewed as an acknowledgement of Deutsche Bank’s efforts to become simpler and improve relations with regulators.The rankings reflect an international consensus about the relative risk posed by the world’s biggest lenders. Banks included in the group face more stringent capital demands, requirements that they have more capacity to absorb losses in a crisis and more stringent supervisory expectations about risk management. The actual capital requirements are set by supervisors in a bank’s jurisdiction.The FSB includes the representatives from authorities, including the European Central Bank and Bank of England, and is chaired by Randal Quarles, a vice chairman of the U.S. Federal Reserve.(Adds treasurer comments in fourth paragraph.)\--With assistance from Steven Arons.To contact the reporters on this story: Silla Brush in London at firstname.lastname@example.org;Nicholas Comfort in Frankfurt at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Marion Dakers, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank has sued two offshore funds that funneled money to Bernard Madoff for 14 years, accusing them of reneging on their agreement to sell more than $1.6 billion of claims in the bankruptcy of the swindler's firm. According to Deutsche Bank, Kingate wrongfully concluded that the sale was no longer "binding" because too much time had passed and a related agreement had not been signed.