7.16 -0.01 (-0.14%)
Pre-Market: 6:15AM EDT
|Bid||7.14 x 36900|
|Ask||7.16 x 21500|
|Day's Range||7.11 - 7.20|
|52 Week Range||6.44 - 12.52|
|Beta (3Y Monthly)||1.53|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||5.68|
FRANKFURT/PARIS, Aug 23 (Reuters) - A deal in the works for BNP Paribas to assume the prime brokerage operations of Deutsche Bank will involve the transfer of up to 800 people, a person with knowledge of the matter said on Friday. Deutsche Bank said in July it had struck a preliminary agreement with BNP covering the business that serves hedge funds as part of its 7.4 billion euro ($8.2 billion) overhaul, but details on personnel and the timing of any final deal were being hammered out. BNP and Deutsche Bank declined to comment.
, there is now just one European investment bank that hopes to remain a global force: Barclays. “The world doesn’t want to see just US investment banks,” said Jes Staley, the American chief executive of Barclays.
Deutsche Bank is preparing to transfer up to 800 staff to BNP Paribas as part of its retreat from investment banking, according to several people briefed on the plan. The deal will see the French lender assume control of Deutsche’s prime brokerage unit that services hedge funds, the people said, with tens of billions of euros of assets also changing hands. Last month the banks announced a preliminary agreement to “provide continuity” to Deutsche’s clients in a move that could also help BNP strengthen its presence in prime brokerage, the potentially lucrative business of lending money to hedge funds and handling their trading.
(Bloomberg) -- Deutsche Bank AG will pay $16.2 million to settle a U.S. regulator’s allegations that it hired relatives of overseas government officials to win business, making it the latest firm ensnared in a scandal that rocked Wall Street and sparked years-long investigations.The hiring, which lasted from at least 2006 through 2014 in the Asia Pacific-region and Russia, violated U.S. laws including the Foreign Corrupt Practices Act, the Securities and Exchange Commission said in a Thursday order. The Frankfurt-based bank agreed to settle the case without admitting or denying wrongdoing, the SEC said.Deutsche Bank employees created false books and records that concealed corrupt hiring practices, according to the SEC. Individuals who were offered jobs typically bypassed the bank’s highly competitive and merit-based process, which required that they have high grades in school and went through multiple rounds of interviews. One Russian hire who worked in London performed so badly that a human resources employee deemed him “a liability to the reputation of the program, if not their firm,” the SEC said.The company agreed to pay a $3 million fine and more than $13 million disgorgement and interest, and amount that the SEC said reflects its level of cooperation.“Deutsche Bank provided substantial cooperation to the SEC in its inquiry and has implemented numerous remedial measures to improve the bank’s hiring practices,” bank spokesman Troy Gravitt said in an email statement.The SEC and U.S. Justice Department in the past decade made enforcing anti-bribery laws a priority, specifically scrutinizing how financial firms had awarded internships. The industry-wide investigations were referred to as princeling probes, because they often focused on individuals with connections to the Communist party in China and prominent business people.Deutsche Bank’s SEC sanction is small when compared with other banks accused of similar misconduct. JPMorgan Chase & Co. was penalized about $264 million in November 2016, while Credit Suisse Group AG agreed to pay $77 million in July 2018. The JPMorgan and Credit Suisse cases also resolved Justice Department allegations.(Updates with Deutsche Bank’s statement in the fifth paragraph.)To contact the reporter on this story: Matt Robinson in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jesse Westbrook at email@example.com, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank has agreed to pay $16.2m to settle civil allegations that for years it hired the relatives of government officials in order to win business in China and Russia. The German lender’s settlement with the US Securities and Exchange Commission makes it the latest bank to settle claims arising from a long-running investigation into Wall Street hiring practices. From 2006 to 2014, Deutsche Bank gave jobs to the children of rich and powerful officials “as a personal benefit to the officials in order to improperly influence them to assist the bank in obtaining or retaining business”, the SEC alleged on Thursday.
Deutsche Bank, in the midst of a major restructuring and headcount reduction, is tightening its worldwide procedures for new hires, according to an internal memo. The memo, dated Wednesday and seen by Reuters, said that any new hires would require explicit approval from the bank's chief executive officer Christian Sewing, as well as his deputy Karl von Rohr and finance chief James von Moltke.
Online retailer Zalando is just the kind of fast-growing German business with foreign expansion plans that Deutsche Bank Chief Executive Christian Sewing needs to help drive the struggling lender's recovery. In an attempt to draw a line under years of scandals and heavy losses, Sewing is pulling back from investment banking and rebuilding Deutsche Bank's corporate division by deepening existing relationships and attracting clients beyond its traditional blue-chip customers. "Deutsche Bank is a systemically relevant bank but, nevertheless, we see a possible risk and are trying to the best of our knowledge to mitigate the risk and to have a good sleep at night," Dominika Kilka-Roth, who heads Zalando's risk management, told Reuters.
European shares rose on Monday, extending gains from the previous session, as German stocks, led by Deutsche Bank, rallied and investors cheered plans from Germany and China to counter slowing growth. Deutsche Bank's shares jumped 3.6% and helped the DAX index climb 1.1%. Some major investors of the German bank want supervisory board chairman Paul Achleitner to step down before his term ends in 2022, a German magazine reported on Friday.
What if there was a way to know when the next recession was close? What if there was a market measure that could clearly communicate economic trouble ahead, without fail? Well, there isn’t. But some analysts ...
Deutsche Bank has named UBS’s former head of wealth management, Jürg Zeltner, to its supervisory board as the troubled lender embarks on a radical overhaul to reduce its reliance on trading and boost income from other sources such as private banking. Mr Zeltner will succeed Richard Meddings, the chairman of UK bank TSB, after he stepped down at the end of July after four years as a Deutsche non-executive director, according to a statement on Thursday. In May, Swiss-born, 52-year-old Mr Zeltner was announced as chief executive of KBL European Private Bankers, a collection of boutique brands including Brown Shipley in the UK.
(Bloomberg) -- Zalando SE lost money for the first five years of its existence, then in 2014 it turned a corner and began posting a profit every year. Evidence suggests meal kit startup HelloFresh SE is following a similar path.The Berlin-based food company is optimistic it can generate a group-wide operating profit this year and sustain and expand profitability in the years to come, Chief Executive Officer Dominik Richter said in an interview on Tuesday. HelloFresh shares rose the most since January in early Frankfurt trading.HelloFresh can “generate much higher profit levels than other e-commerce companies,” because the company controls the entire value chain -- from branded retail to wholesale to logistics, Richter said.The company, which assembles ingredients into boxed meal kits and seeks to convince customers of the benefits of cooking at home, earlier Tuesday reported its first quarterly operating profit, in the April-June period, after sales growth across its markets.The results are “significantly better than what we expected,” Deutsche Bank analysts Nizla Naizer and Silvia Cuneo wrote in a note to clients. They mark “a key turning point for the group in our view.”HelloFresh rose as much as 17.7%, the steepest intraday gain since Jan. 18.The Berlin-based startup is especially strong in the U.S., its biggest market, where it’s surpassed Blue Apron Holdings Inc., expanded its choice of meals, and this week started a special “date night” kit in a marketing partnership with businesswoman and actress Jessica Alba.To contact the reporter on this story: Stefan Nicola in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Juerg Zeltner, a former UBS manager, is set to become a member of Deutsche Bank's supervisory board, two people with knowledge of the matter said on Monday. In his new role, he will represent the interests of Qatar's royal family - a top shareholder of the German lender -, the sources said. Zeltner, a former head of UBS Wealth Management, was named earlier this year as the chief executive officer of KBL European Private Bankers (KBL epb), which is controlled by the Al-Thani family of Qatar.
Adair Turner, the former City regulator, once intimated that investment bankers were “socially useless” (he actually applied the phrase to activities in “fixed income securities, derivatives . . . and ...
Deutsche Bank faces an uphill battle to revive its struggling equity capital markets business, one of the bank’s top executives has admitted. “Our business is to a large degree driven by client perception,” Josef Ritter, Deutsche’s head of ECM Europe, the Middle East and Africa, told the Financial Times.
The German government is considering the potential sale of its 15.6 per cent stake in Commerzbank and is seeking “open minded” external advice on what to to with its shares in the struggling lender. “The aim is an open-minded evaluation and assessment of the [Commerzbank] stake and the deduction of strategic recommendations for the investment management”, the tender document says. The advisers will also be commissioned to assess a new strategy which Commerzbank’s management is currently working on, and which is scheduled to be unveiled later this year.