|Bid||0.00 x 36200|
|Ask||0.00 x 45100|
|Day's Range||8.64 - 8.73|
|52 Week Range||7.62 - 16.63|
|Beta (3Y Monthly)||1.20|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||7.51|
Germany is making it easier for lenders such as Deutsche Bank AG and JPMorgan Chase & Co. to fire top earners, adding flexibility for Frankfurt to lure financial companies unsettled by Brexit. Lower-house lawmakers in Berlin voted Thursday in favor of loosening German labor standards to allow the change. Chancellor Angela Merkel’s governing coalition backed the measure, arguing it’s needed to strengthen the stability of Germany’s finance sector and “minimize the risks” from individuals whose actions could cause fallout for their company.
Embattled German lender Deutsche Bank lost $1.6 billion on a single bond trade that involved insurance from Warren Buffett's Berkshire Hathaway, according to The Wall Street Journal. The bank bought a $7.8 billion portfolio of municipal bonds in 2007, according to the report. Deutsche Bank bought default protection on the bonds from Berkshire the following year, paying $140 million in the transaction.
The loss, which hasn’t previously been reported, represents one of Deutsche Bank’s largest ever from a single wager—roughly quadruple its entire 2018 profit—and ranks as one of the banking industry’s biggest soured bets in the last decade. Deutsche Bank resisted for years reducing the value of those bonds and related derivatives on its books to a level that markets suggested they were worth, and it brushed aside concerns raised by the bank’s financial auditors about how it was valuing the trade, according to internal bank documents and people involved in discussions about the investment. During that time period, the bank was telling investors its internal financial controls were sound, and it raised billions of dollars in the capital markets without any disclosure of the bond valuation issue.
(Bloomberg) -- Swedbank AB, which has been dragged into a money laundering case that has spread from the Baltic region, used Deutsche Bank AG and Wells Fargo & Co. for U.S. dollar correspondent banking services in Estonia, archived bank documents show.
Deutsche Bank is hiring 26 people in South Africa, a spokesman said on Wednesday, less than a year after scaling back the operation in a broad restructuring of its investment bank. The spokesman said the lender had appointed a new head of corporate finance in South Africa and the remaining hires would be in corporate finance, fixed income and corporate treasury. Gregory Scott, the new corporate finance head who was previously a senior director in the local corporate finance team, had been in position for a few months, the spokesman said.
Members of the bank’s management board, including then Chief Executive Officer John Cryan, were leery of the public relations disaster they would face if they went after the assets of a sitting president, said the people, who asked for anonymity because the discussions were private. The discussions were about risks to the bank’s reputation and did not relate to any heightened concerns about the creditworthiness of Trump or his company, the people said. The bank ultimately decided against restructuring the loans to the Trump Organization, which come due in 2023 and 2024, and chose instead not to do any new business with Trump while he is president, one of the people said.
Deutsche Bank officials considered extending repayment dates on loans it had made to Donald Trump before he became president. The bank worried about the public relations damage from trying to collect on a sitting president, according to Bloomberg. Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday .
Due to its huge debt burden, Deutsche Bank's (DB) largest shareholder - HNA Group - plans to divest its entire stake in the former.
HNA has since lost its seemingly insatiable appetite for growth, embarking on a selling spree after debts spiraled out of control, while Deutsche Bank shares tumbled by more than half to record lows after investors lost faith in its turnaround strategy. Fortunately for the Chinese investor, most of its German holdings were hedged against losses, allowing the firm to unload some shares this month at 16.70 euros apiece -- more than double Deutsche Bank’s latest price.
HNA’s C-Quadrat unit exercised options to sell 26.8 million Deutsche Bank shares for 363.4 million euros ($410 million), reducing its ownership to 6.3 percent, according to a filing with the Securities and Exchange Commission. The shares were sold at prices ranging from 11.45 euros to 16.70 euros apiece, far above current market prices, because the Chinese group had hedged its investment in Deutsche Bank with put options. The deal marks the latest disposal for HNA, which was one of China’s most acquisitive companies until it began facing liquidity challenges and pressure from the government.
Chinese conglomerate HNA has cut its stake in Deutsche Bank to 6.3 percent, according to a filing with the U.S. Securities and Exchange Commission. HNA, even with the reduced holding, would remain one of the largest shareholders in Germany's largest lender. Spokesmen for HNA in Germany and Deutsche Bank declined to comment.
Chinese conglomerate HNA has cut its stake in Deutsche Bank to 6.3 percent, according to a filing with the U.S. Securities and Exchange Commission. HNA, even with the reduced holding, would remain one of the largest shareholders in Germany's largest lender. Spokesmen for HNA in Germany and Deutche Bank declined to comment.
Instead, the consumer-relief money will be spent on originating new loans, according to the Feb. 13 report by the bank’s monitor, Michael Bresnick. The decision reverses pronouncements by the bank and the U.S. Justice Department that some of the funds -- part of an overall $7.2 billion settlement over bad mortgage bonds sold before the 2008 crisis -- would go to aiding people who were in imminent risk of defaulting on their mortgage payments, have especially high interest rates or owe more on their mortgage than in the value of their home. The change in plans “may disappoint distressed homeowners and others, including the many individuals who have reached out to the monitor over the past two years, hoping to receive different types of consumer relief from the bank,” Bresnick wrote in the report, which was posted online.
Germany's two leading SME business associations publicly opposed a merger of Deutsche Bank and Commerzbank on Friday, arguing a combination could curb competition. German Finance Minister Olaf Scholz has dismissed media reports that the government is pressing for a merger of the country's two main banks before May as "speculation". Germany's Mittelstand, as its small and medium-sized firms are known, make up more than 99 percent of all registered companies in Europe's largest economy, account for more than 97 percent of exports and employ about 60 percent of its workforce.
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank's role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from Estonia to places like New York.
Estonia and has widened the remit of an independent auditor installed in 2018 at Germany’s largest lender to look into the case. In a statement issued on Friday, BaFin said it ordered Deutsche Bank on February 15 to “review its group-wide risk management processes in the area of correspondence banking and adjust them where necessary” as “a measure to prevent money laundering and terrorist financing”.
Near the Bank of England, there is a statue of George Peabody, “American philanthropist and great benefactor of the poor”. Wall Street was then a poor cousin to the City in investment banking, but those roles have reversed. The place for financiers to seek fortunes is New York, rather than London or Frankfurt.
BERLIN (Reuters) - Both Deutsche Bank and Commerzbank have fairly low stock values which naturally exposes them to possible takeovers from bigger financial institutions, German Deputy Finance Minister ...
One major investor wants Sewing, who is less than a year in office, to act more quickly to turn around its investment bank, a person familiar with its thinking told Reuters. A second top investor thinks that the U.S. investment banking business is still too big and contributes too little to Germany's biggest lender, another person said. "We have adjusted our footprint in our Corporate & Investment Bank and in the U.S. already in 2018, including reducing our leverage exposure by more than 100 billion euros," the bank said, after a Financial Times report on the demands.
Several of Deutsche Bank’s biggest shareholders are calling for its chief executive to make deeper cuts to its perennially lossmaking US investment bank as they run out of patience with the lender’s poor performance and tumbling share price. One of the investors said they told the bank recently that they wanted it to shrink the US investment bank by this summer.
Deutsche Bank announced today its appointment as successor depositary bank for the sponsored Level I American Depositary Receipt Program of Suncorp Group Limited .