|Bid||8.07 x 29200|
|Ask||8.08 x 21500|
|Day's Range||7.96 - 8.10|
|52 Week Range||6.44 - 12.52|
|Beta (3Y Monthly)||1.57|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||5.73|
Deutsche Bank today announced that its New York Branch, Deutsche Bank New York (DBNY), and its subsidiary Deutsche Bank Trust Company Americas (DBTCA) have decreased their prime lending from 5.25% to 5.00% effective tomorrow, September 19, 2019. Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals.
The ratings agency Standard & Poor's on Wednesday downgraded the outlooks for a handful of unlisted yet large German banks amid growing risks to the sector. DekaBank, an important player in the nation's savings bank sector, and DZ Bank, a pillar of Germany's cooperative banks, were among the financial institutions that had their outlooks downgraded to "negative" from "stable". In its announcement, S&P cited continued drags from poor cost efficiency, risks from technology disruption and low interest rates.
The European Central Bank is examining whether to open a formal investigation into Deutsche Bank for allegedly buying some of its own securities without authorization, two people familiar with the matter said on Wednesday. Deutsche Bank and the ECB declined to comment. The securities at issue are known as AT1 and AT2 bonds.
This week we get an inside look at the local costs of climate change, “green quantitative easing” irks France’s central bank governor, and investors target US lobbying associations. Next week, the UN General Assembly convenes for its annual gathering in New York. Moral Money will be publishing daily from September 23 to 27 to keep you updated about ESG and sustainability developments from the meetings.
(Bloomberg) -- Deutsche Bank AG faces another potential clash with regulators as the European Central Bank weighs whether to open a formal investigation into unapproved purchases of its own subordinated bonds.The ECB is looking at Deutsche Bank’s buying of the notes over several years up until 2017, when it got approval for future deals, according to people familiar with the matter. Because the securities are designed to help banks absorb losses when they run into trouble, the regulator needs to sign off on any repurchases.Deutsche Bank could be subject to a fine if formal proceedings are opened, according to the people, who asked for anonymity because the matter hasn’t been disclosed. Sueddeutsche Zeitung, which first reported the ECB’s deliberations late Tuesday, said a fine could reach twice the profits or savings a bank makes from unauthorized dealings, though it was unclear whether Deutsche Bank would be fined at all.The ECB and Deutsche Bank declined to comment.The German lender has already paid more in fines and legal settlements than almost any other European bank since the start of 2008. While failing to get permission for bond purchases pales in comparison with other misconduct, another probe would be an unwelcome distraction for Chief Executive Officer Christian Sewing after he said the bulk of the firm’s legal woes were behind it.The transactions were conducted to ensure sufficient liquidity for investors in additional Tier 1 bonds, debt that can be written off if the lender’s capital ratio falls to a certain level, said one of the people. The securities have proven volatile over the past years because markets worried about the bank’s costly restructurings and large fines.There are other reasons why banks may want to buy back their own debt. They include retiring bonds that no longer qualify as regulatory capital, or replacing them with notes that pay lower interest.To contact the reporters on this story: Nicholas Comfort in Frankfurt at firstname.lastname@example.org;Steven Arons in Frankfurt at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank is paying €50m for a 4.9 per cent stake in open-banking start-up Deposit Solutions in a transaction that values the Hamburg-based start-up at more than €1bn ($1.1bn). Deposit Solutions operates software that links retail clients and lenders, allowing banks to collect deposits from people across Europe who are not their direct customers.
Deutsche Bank faces the threat of a European Central Bank investigation after buying and selling its own debt for more than three years without regulatory approval, said people familiar with the matter. that have cost Deutsche Bank billions of euros in fines and settlements.
European lenders are bracing for deeper cost cuts and consolidation after the European Central Bank extended a punishing five-year stretch of negative interest rates. The region’s banks were left disappointed by Mario Draghi’s last major act as ECB president, in which he last week cut its key deposit rate to minus 0.5 per cent, while also unveiling a new tiering system designed to shield a portion of the deposits lenders keep at the ECB from negative rates. The ECB is expected to cut its deposit rate again by next year, which could lower even further the Euribor rate on which many loans are priced.
(Bloomberg) -- Federal prosecutors are closing in on JPMorgan Chase & Co. officials in an investigation of price rigging in precious metals markets.With help from at least two of the bank’s former traders who pleaded guilty, the government is looking to bring charges against people higher up the chain at the bank, two people familiar with the years-old inquiry said. Just last month, a managing director who oversaw global precious-metals trading was placed on leave along with another employee, other people said.The traders who admitted guilt said the manipulation was routine, sanctioned by higher-ups and went on for years. “While at JPMorgan I was instructed by supervisors and more senior traders to trade in a certain fashion, namely to place orders that I intended to cancel before execution,” former trader John Edmonds said at a October 2018 hearing after pleading guilty to commodities fraud and conspiracy.The JPMorgan investigation grew out of a multibank U.S. crackdown on manipulation of commodities markets using techniques including spoofing, in which traders place orders without intending to execute them to try to move prices in their favor. The Justice Department has brought criminal charges against 16 people, including traders who worked for Deutsche Bank AG and UBS Group AG. Seven pleaded guilty, one was convicted at trial and another was acquitted.Deutsche Bank, HSBC Holdings Plc and UBS last year agreed to pay a total of about $50 million to settle civil claims by the Commodity Futures Trading Commission that the firms’ traders engaged in spoofing techniques to manipulate prices of precious-metals futures. Deutsche Bank agreed to pay $30 million, UBS $15 million and HSBC $1.6 million. The banks didn’t admit or deny wrongdoing.Peter Carr, a Justice Department spokesman, declined to comment. The bank disclosed the Justice Department inquiry in company filings earlier this year, saying it was cooperating with the Justice Department and other authorities.Michael Nowak, the managing director who was previously named in a civil suit, was placed on leave in August along with Gregg Smith, according to the people familiar with the matter. Nowak didn’t respond to a request for comment, and Smith couldn’t be reached. The moves were reported earlier by Reuters.JPMorgan officials believe the probe is limited to the bank’s trading desk, one of the people familiar with the matter said. Investigators are examining a paper trail related to the spoofing activities, another person said, in addition to drawing on testimony from former insiders.One of those insiders, Christiaan Trunz, a former trader for Bear Stearns and JPMorgan, told a federal judge in Manhattan last month that spoofing trades of precious metals was rampant at the bank for nearly a decade and that he was taught how to do it from other traders at JPMorgan. Trunz, who pleaded guilty on Aug. 20 to two federal fraud charges, said he manipulated futures markets for gold, silver, platinum and palladium from offices in New York, London and Singapore from 2007 to 2016.“It is understood that spoofing was a strategy that we used to trade precious metals futures,” Trunz said.Trunz was echoing descriptions offered by Edmonds, another trader, who several months earlier pleaded guilty for transactions involving silver futures. He said the conspiracy ran from 2009 to 2015 and involved hundreds of trades that he made personally. Edmonds said he was taught how to rig the market by veterans and supervisors.“I was instructed that if a client wished to sell futures I should simultaneously place both bids and offers with the intent of canceling the bids prior to execution,” Edmonds said during his plea hearing.Edmonds said the purpose was to falsely transmit liquidity and price information in order to deceive other market participants about the supply and demand so they would trade against the orders that JPMorgan wanted to execute.“We created market activity which artificially drove the sale price up and induced other market participants to purchase at an inflated price,” he said. Edmonds entered into a cooperation agreement with the CFTC in July.After Edmonds pleaded guilty, JPMorgan was hit with a proposed class action lawsuit by investors that also names Nowak and another onetime managing director, Robert Gottlieb. Gottlieb didn’t respond to a request for comment.That civil case was put on hold in February after the Justice Department intervened, claiming that the litigation could harm its criminal investigation.\--With assistance from Michelle F. Davis, Mark Burton and Ben Bain.To contact the reporters on this story: Tom Schoenberg in Washington at email@example.com;Joe Deaux in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeffrey D Grocott at email@example.com, David S. Joachim, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
, in a move that will lower costs at the German bank and give global heft to a system created to speed up cross-border payments. The JPMorgan Chase-led Interbank Information Network (IIN) will this week announce Deutsche as a new recruit to a network of 320 banks which have agreed to swap information on global payments over blockchain, the mutually distributed ledger technology behind cryptocurrencies. Most of IIN’s existing members are banks who use JPMorgan as a correspondent bank to process dollar payments on behalf of their clients.
Deutsche Bank (DB) agrees to pay settlement charges despite not admitting the allegations. Also, it agrees to share information with the regulators that can help prove other banks guilty.
Deutsche Bank AG will pay $15 million to resolve claims it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac , becoming the first of 16 financial services companies to settle litigation by investors. The German bank did not admit wrongdoing in agreeing to the settlement, which also requires that it bolster its antitrust compliance procedures and cooperate with the investors. The settlement was disclosed in filings late Wednesday in Manhattan federal court.
(Bloomberg) -- Deutsche Bank AG is cooperating with the Justice Department’s antitrust investigation into whether several of the largest global banks conspired to rig trading in unsecured bonds issued by Fannie Mae and Freddie Mac.The bank earned leniency by providing information about other banks accused of rigging trading in the bonds. The cooperation deal emerged Thursday when Pennsylvania’s Treasurer, Joe Torsella, announced that Deutsche Bank had agreed to pay $15 million to resolve allegations in a civil lawsuit filed in federal court in Manhattan, that accuses traders at about a dozen large banks of rigging the bond prices.According to the deal, the German lender came forward in May to assist Pennsylvania and other plaintiffs in the civil lawsuit. Under federal law, companies seeking criminal leniency in antitrust matters, which includes immunity from prosecution, can also limit their financial exposure by assisting price-fixing victims seeking damages.Deutsche Bank’s settlement, which requires the bank to install an antitrust compliance program, shows that the bank has been providing the Justice Department with electronic chats and other evidence that could be used to prosecute individuals and institutions. It also suggests that the bank, which is the middle of multiple criminal investigations by the Justice Department, is looking to win some good will with investigators.In late May, lawyers accusing the banks of manipulating the bond prices said in a court filing that they were working with a cooperator who was providing “smoking gun” evidence including electronic chats. Though they didn’t name Deutsche Bank at the time, examples of chats in the filing were between traders at Deutsche Bank and others at Goldman Sachs Group Inc., Morgan Stanley and BNP Paribas SA.The lawsuit accuses financial institutions of ripping off pension funds and others from 2009 to 2016.Torsella said the settlement on Thursday was “an important first step, but just a first step, toward greater accountability on Wall Street.” He said government-sponsored-entity (GSE) bonds like those of Fannie Mae and Freddie Mac “are foundational to public investment portfolios, particularly for state governments, school districts, county governments and local municipalities.”“We’re pleased to have resolved the matter,” said Troy Gravitt, a Deutsche Bank spokesman.The Justice Department opened a criminal investigation into whether some traders manipulated prices in the market for unsecured bonds issued by Fannie and Freddie, the government-backed companies whose financing underlies most U.S. home purchases, Bloomberg News reported last year. No individuals or banks have been charged.The market for their agency debt -- which finances the companies’ operations but doesn’t directly fund mortgages -- runs into the hundreds of billions of dollars.The lawsuit in Manhattan alleges that the chats about the pricing of the bonds in the secondary market also directly implicate Bank of America Corp. and its Merrill Lynch subsidiary, Barclays Plc, Cantor Fitzgerald LP, Citigroup Inc., Credit Suisse Group AG, First Tennessee Bank NA, HSBC Holdings Plc, JPMorgan Chase & Co., Nomura Holdings Inc., TD Securities Inc. and UBS Group AG.In addition to Fannie Mae and Freddie Mac, these GSE bonds finance the Federal Farm Credit Banks and the Federal Home Loan Banks.Deutsche Bank approached the lead counsel for the plaintiffs on May 8 and said it was willing to provide them with cooperation materials pursuant to a federal law that allows companies to seek criminal leniency in antitrust matters, the settlement agreement said. The law also limits the financial exposure of companies that assist price-fixing victims seeking compensation.Judge Jed Rakoff in federal court in Manhattan ruled this month that the case against BNP Paribas, Deutsche Bank, Goldman Sachs, Merrill Lynch and Morgan Stanley could move forward. He dismissed the other financial institutions from the case but allowed the plaintiffs to seek to bring additional evidence forward that could bring those institutions back in to the case, which they did in a filing on Tuesday.Earlier:Wall Street Informant Turned Over Chats in Fannie Bond CaseWall Street’s Legal Nemesis Is Sidelined in Fannie Rigging CaseFannie Bond-Rigging Suit Lists 27 Traders Without Accusing ThemTrading in Fannie, Freddie Bonds Said to Be Probed by U.S.(Updates with bank assisting criminal investigation in fourth paragraph.)\--With assistance from Gwen Everett.To contact the reporter on this story: Tom Schoenberg in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeffrey D Grocott at email@example.com, David S. JoachimFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank AG will pay $15 million to resolve claims it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac , becoming the first of 16 financial services companies to settle litigation by investors. The German bank did not admit wrongdoing in agreeing to the settlement, which also requires that it bolster its antitrust compliance procedures and cooperate with the investors. Investors including Pennsylvania Treasurer Joe Torsella accused several of the world's largest banks of exploiting their market dominance to overcharge for Fannie Mae and Freddie Mac bonds from Jan. 1, 2009 to Jan. 1, 2016, and secure more profit for themselves.
Deutsche Bank has become the first lender to settle civil claims of allegedly rigging US mortgage bond markets, resolving one of the lender’s many legal headaches for $15m. Deutsche was one of 16 financial institutions sued for breaking antitrust laws by allegedly using their dominant position to inflate prices and overcharge investors for mortgage bonds issued by the government-sponsored Fannie Mae and Freddie Mac. The Pennsylvania Treasurer, which brought the case against Deutsche along with other civil plaintiffs, said the bank’s speedy settlement “reflects Deutsche Bank’s early co-operation in this suit”.
The European Central Bank has announced its biggest package of rate cuts and economic stimulus in three years as President Mario Draghi warned governments that they needed to act quickly to revive flagging eurozone growth. The ECB cut interest rates further into negative territory and revived its contentious €2.6tn programme of buying bonds for an unlimited period, in the latest sign of concern over the health of the global economy. It also eased lending terms for eurozone banks and offered them tiered interest rates in a bid to ease the pressure on their lending margins.
Barclays' (BCS) latest job-cut move in its Japanese fixed-income trading arm comes in response to the challenging operating backdrop across the globe.
(Bloomberg) -- DWS Group GmbH & Co. plans to relocate to new offices in London by the end of the year, as it builds up an identity distinct from majority owner Deutsche Bank AG.The asset manager will leave the Zig Zag building near Westminster Cathedral and relocate to the Willis building in the capital’s financial district, according to an internal DWS memo seen by Bloomberg.A DWS spokesman confirmed the contents of the memo and declined to comment further.Deutsche Bank spun off DWS last year, though it still owns nearly 80% of the asset manager’s shares. Moving to the Willis Building at 30 Fenchurch Avenue, where DWS will occupy two and a half floors, will “help us strengthen our standalone status,” according to the memo.DWS has been the subject of repeated speculation about a possible merger with firms including the asset management unit of UBS Group AG. While Deutsche Bank sees “some form of consolidation” as necessary to develop DWS into a top 10 global asset manager, it has no plans to give up its majority stake, Chief Financial Officer James von Moltke has said.DWS has already moved out of Deutsche Bank’s offices in Chicago, according to a person with knowledge of the matter. About 400 employees will make the switch in London, the person said.These office moves are part of cost-cutting initiatives undertaken by DWS Chief Executive Officer Asoka Woehrmann since he took over last year, as he seeks to offset unsteady flows and industry-wide pressure on fees.Deutsche Bank is considering subletting the Zig Zag building offices, so DWS’s exit could help to facilitate such a deal. The bank signed a 15-year lease for the property with Land Securities Group Plc and started moving employees in two and a half years ago.Deutsche Bank has separately signed an agreement with LandSec to move its U.K. headquarters to a building being constructed at 21 Moorfields in the City of London on a 25-year lease.(Updates with detail from memo in fourth paragraph.)To contact the reporter on this story: Suzy Waite in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Shelley Robinson at email@example.com, Patrick Henry, Lucca de PaoliFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank (DB) continues overhauling, which includes reducing dozens of employees in its global fixed-income unit, reports Bloomberg.
(Bloomberg) -- Deutsche Bank AG is cutting dozens of traders and salespeople in its global fixed-income ranks, a unit that was largely spared from the first round of reductions in the firm’s overhaul two months ago.The bank has let go employees in high yield, distressed and investment-grade debt teams in New York and abroad, according to people familiar with the matter, who asked not to be identified discussing personnel matters. The reductions are largely tied to the underperformance of some divisions, such as the credit business in Latin America, which is being eliminated entirely, one of the people said.Deutsche Bank is undergoing a restructuring that will involve 18,000 job reductions across all of its businesses as Chief Executive Officer Christian Sewing tries to turn around years of poor profitability. When executives laid out the plan in July, they slashed the equities-trading division but stayed committed to most of the fixed-income unit, under the strategy of focusing on businesses where the bank is a leader.The bank’s head of debt trading, Ram Nayak, even told staff at the time that the restructuring wouldn’t lead to dismissals in his business. Those assurances were soon overridden when it became clear that Sewing isn’t exempting any area as he scours the bank for unprofitable businesses he can weed out.Shift PlansThe bank has previously shown a willingness to shift its plans. In late July, it moved some equities revenue back into the investment bank from the wind-down division it had set up as it decided to keep more services from stock trading.And despite the credit businesses’s pullback in Latin America, the firm plans to maintain some services to provide continuity for clients there.The firm has already parted ways with senior fixed-income veterans, including John Pipilis, who oversaw the entire unit globally, and Paul Huchro, a credit trading executive who Bloomberg reported this week was leaving.Managing directors Eric Eisner and Paul Delaney in the Latin America unit, Timothy Fischer in leveraged credit sales, and Andrew Meany in credit trading are all leaving as part of the moves, the people said. Meany declined to comment, while the other three didn’t return calls seeking comment.Deutsche Bank hasn’t broken down the geographical and divisional spread of the targeted cuts except saying it will affect all regions. The lender said in July that it has informed more than 900 staff -- mostly in equities trading -- that their employment will end since the restructuring announcement.While Deutsche Bank undertakes the huge overhaul it is still hiring in areas where it sees the potential for growth, such as in wealth management. The lender hired a team of around a dozen private bankers from Credit Suisse this summer as it shifts resources. The lender’s wealth management business is small compared with Swiss rivals, but it’s one area where Sewing wants to expand.Initial optimism surrounding Sewing’s sweeping revamp has quickly given way to doubts over whether the German lender can reach its profit goals in a competitive home market and an economic slowdown. The bank has consistently disappointed shareholders in recent years, and after the overhaul will be focused on servicing companies’ routine financing needs while also withholding dividends for this year and next.(Updates with guidance on debt-trading cuts in fourth paragraph.)\--With assistance from Donal Griffin, Pablo Gonzalez, David Scheer and Steven Arons.To contact the reporters on this story: Sonali Basak in New York at firstname.lastname@example.org;Davide Scigliuzzo in New York at email@example.com;Paula Sambo in Toronto at firstname.lastname@example.org;Sridhar Natarajan in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, ;Nikolaj Gammeltoft at email@example.com, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.