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Apr. 23, 2015, 8:56 AM
- In addition to the fine, Deutsche Bank (NYSE:DB) will fire seven employees to settle U.S. and U.K. investigations into the bank's role in rigging Libor.
- It's the largest penalty so far in the interest rate rigging probes, and comes on top of another €7.1B the bank has paid over the past three years to settle other investigations. There's more to come as regulators look into forex and MBS dealings.
- Source: Bloomberg
- Previously: FT: Deutsche decides against total exit from retail banking (April 23)
Apr. 23, 2015, 8:39 AM
- Rather than seeking to become a "European Goldman Sachs," Deutsche Bank's (NYSE:DB) top brass sees the business model as something closer to JPMorgan, reports the FT, which says the option of the bank splitting itself in two -with retail operations as one company and investment banking, wealth management, and global banking as another - will not be the way forward.
- Instead, Deutsche will sell Postbank - the German retail operation - and cut about €150B of assets from the investment bank unit. Deutsche will continue to operate its own-brand retail business.
- The recommendation is set to go forward to the board at a meeting tomorrow.
Apr. 22, 2015, 1:11 PM
- One week ahead of its earnings report, Deutsche Bank (DB +1.5%) says it expects to be profitable in Q1 despite non-tax-deductible litigation costs of about €1.5B.
- The bank earned €441M in Q4 and more than €1B on Q1 of 2014.
- The stock was already in the green on the session, but has added a bit more to gains since the news hit.
Apr. 22, 2015, 8:00 AM
- Deutsche Bank (NYSE:DB) could announce a major restructuring as early as this week, and it's apparently going to include a sale of Postbank, its German retail operation.
- "Employees of Postbank and its subsidiaries have been worried about their professional future for quite some time now," says the premier of Lower Saxony. "I urgently appeal to those in management and the supervisory board of Deutsche Bank to take no decision that would permanently endanger jobs in individual locations."
- Previously: Deutsche reportedly decides to sell Postbank (April 17)
Apr. 17, 2015, 10:25 AM
- Rather than sell or spin off all of its retail operations as it unveils a major restructuring later this year, Detusche Bank (DB -3.1%) has decided to sell its Postbank unit, according to a report in Der Spiegel.
- Postbank is Deutsche's retail operation in Germany.
- "An alternative model that foresaw the complete separation of retail banking business appears not to have found sufficient support in the management board," says the magazine.
- Previously: Deutsche set to unveil restructuring plans (April 13)
Apr. 13, 2015, 2:50 PM
- The strategy is expected to be presented by management at an extraordinary meeting of the board on April 24, reports Handelsblatt. If the board's questions are answered, the strategy could be made public on April 29 alongside Q1 results.
- Management, however, remains divided on the what the new business model will be. An earlier report said Deutsche Bank's (DB -0.5%) retail operations would bear the brunt of the restructuring and are likely to be spun off.
- Source: Reuters
Apr. 9, 2015, 6:37 PM
- Deutsche Bank (NYSE:DB) is in talks to resolve a probe into the firm's role in a long-running Libor manipulation probe "as soon as this month," the NYT reports. Authorities - the list includes New York State's financial regulator, the DOJ, and U.K. regulators - are collectively expected to collect over $1.5B, thus making Deutsche's payout the largest of any other bank caught up in the probe.
- To satisfy the DOJ, a Deutsche subsidiary will reportedly plead guilty to fraud. The exact settlement figure is said to remain in flux.
- Deutsche is also contending with a forex manipulation probe. Several other banks are reportedly discussing settlements.
Apr. 6, 2015, 4:37 PM
- The Melboune-based infrastructure investor, Plenary Group has 34 public-private partnership projects valued at about $21B across Asia Pacific and the Americas. It was founded by former ABN Amro bankers in 2004, with Deutsche Bank (NYSE:DB) taking a 20% stake.
- According to Financial Review, the bank is in early stages of talks to exit that stake.
- Alongside its ownership, Deutsche has an agreement to provide financing for all of Plenary's PPP deals until 2018, and this reportedly would continue even if Deutsche sells out.
Mar. 27, 2015, 3:28 AM
- Despite its revenues falling 6%, JPMorgan (NYSE:JPM) retained its crown as the top performing investment bank in 2014, according to industry analytics firm Coalition.
- JPMorgan reaped $22B from investment banking last year, compared with $23.3B in 2013.
- Other U.S. banks also continued to dominate top spots, with Goldman Sachs (NYSE:GS) coming second overall across investment banking, and Citigroup (NYSE:C) and BofA (NYSE:BAC) sharing third place with Deutsche Bank (NYSE:DB).
Mar. 23, 2015, 8:58 AM
- In what could be a big boon for overseas banks doing business in China, Beijing is mulling sweeping changes for the securities industry which would include allowing foreign banks controlling stakes in their local joint ventures, reports Bloomberg.
- The looser restrictions would let players like Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), Morgan Stanley (NYSE:MS), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), and Citigroup (NYSE:C) compete more effectively with dominant incumbents like Citic Securities.
- Current rules approved in 2012 allow overseas banks to just 49% ownership of securities firms. Prior to that, the limit was 33%. The above-listed banks have all entered the market since 2007.
Mar. 23, 2015, 4:54 AM
- Benjamin Lawsky, New York state's financial services regulator, has added himself to the regulators investigating Deutsche Bank (NYSE:DB) for the alleged rigging of Libor, FT reports.
- The bank is negotiating a separate plea deal with the DOJ and is one of the few European banks yet to reach a settlement with prosecutors.
- Over the weekend, Reuters reported that Deutsche will probably spin off its consumer bank to help it meet capital requirements.
- DB +2.8% premarket
Mar. 15, 2015, 5:47 AM
- In one of the biggest deals in the Asia-Pacific region so far this year, a consortium of KKR (NYSE:KKR), Varde Partners and Deutsche Bank (NYSE:DB) has agreed to buy GE (NYSE:GE) Capital's Australian and New Zealand consumer lending arm for about $A8.2B ($6.26B).
- The move comes after General Electric disposed of its appliances unit, real estate holdings and a stake in NBCUniversal, and shed more of its banking businesses to return to its industrial focus.
- Previously: GE reportedly weighing deeper cuts to banking business (Mar. 11 2015)
Mar. 11, 2015, 4:36 PM
- Bank of America (NYSE:BAC) has deficiencies including loss and revenue modeling practices in its internal controls, says the Fed, requiring the bank to resubmit its capital plan before winning approval for boosted shareholder returns. The lender has until the end of September to address the Fed's concerns.
- Santander (NYSE:SAN) has "widespread and critical deficiencies," and Deutsche Bank (NYSE:DB) has "numerous and significant deficiencies." We're talking about the U.S. units here, and the capital returns in question are back to the parents, not to shareholders.
- CCAR results
- BAC -1.25%, DB -1.2%, SAN -1% after hours
Mar. 10, 2015, 8:04 PM
- Spanish-language megabroadcaster Univision has tapped Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and Deutsche Bank (NYSE:DB) to lead its initial public offering, Reuters reports.
- Univision is currently owned by Univision Communications (owned by private-equity partners), and an IPO that could come in the second half could bring $1B and value the company at as much as $20B.
- The broadcaster was previously rumored to be a takeover target for the likes of CBS and Time Warner.
Mar. 5, 2015, 8:28 PM
- The minimum Tier 1 common capital ratio for banks is 5%, according to the Fed, and here's how the 31 lenders stacked up under the central bank's severely adverse scenario vs. a year ago (h/t: WSJ):
- Deutshce Bank (NYSE:DB): 34.7%, not tested a year ago
- DIscover (NYSE:DFS): 13.9% vs. 13.2% a year ago
- Bank of New York Mellon (NYSE:BK): 12.6% vs. 13.1%
- American Express (NYSE:AXP): 12.5% vs. 12.1%
- Northern Trust (NASDAQ:NTRS): 12.3% vs. 11.7%
- State Street (NYSE:STT): 11.8% vs. 13.3%
- Citizens Financial (NYSE:CFG): 10.7% vs. 10.7%
- KeyCorp (NYSE:KEY): 9.9% vs. 9.2%
- Capital One (NYSE:COF): 9.5% vs. 7.8%
- PNC Financial (NYSE:PNC): 9.5% vs. 9%
- Santander Holdings USA (SAN's U.S. unit): 9.4% vs. 7.3%; shares +0.8% after hours
- BMO Financial (BMO's U.S. unit): 9% vs. 7.6%
- Comerica (NYSE:CMA): 9% vs. 8.6%
- Huntington Bancshares (NASDAQ:HBAN): 9% vs. 7.4%
- HSBC North America (NYSE:HSBC): 8.9% vs. 6.6%
- U.S. Bancorp (NYSE:USB): 8.5% vs. 8.2%
- Regions Financial (NYSE:RF): 8.3% vs. 8.9%
- Citigroup (NYSE:C): 8.2% vs. 7.2%
- SunTrust (NYSE:STI): 8.2% vs. 8.8%
- BB&T (NYSE:BBT): 8.1% vs. 8.4%
- MUFG Americas Holdings (NYSE:MTU): 8% vs. 8.1%
- Ally Financial (NYSE:ALLY): 7.9% vs. 6.3%
- Fifth Third Bancorp (NASDAQ:FITB): 7.9% vs. 8.4%
- Wells Fargo (NYSE:WFC): 7.5% vs. 8.2%
- M&T Bank (NYSE:MTB): 7.3% vs. 6.2%
- Bank of America (NYSE:BAC): 7.1% vs. 5.9%; shares +2.1% after hours
- JPMorgan (NYSE:JPM): 6.5% vs. 6.3%
- BBVA Compass (NYSE:BBVA): 6.3% vs. 8.5%
- Goldman Sachs (NYSE:GS): 6.3% vs. 6.9%
- Morgan Stanley (NYSE:MS): 6.2% vs. 6.1%
- Zions Bancorp (NASDAQ:ZION): 5.1% vs. 3.6%; shares -1.7% after hours
- The lenders were also informed today whether their capital return plans would put them below the Fed's 5% threshold, giving them a 6-day window with which to change those requests, if need be. Last year, both BofA and Goldman scaled back their dividend/buyback requests, allowing them to pass the CCAR. This year's CCAR results will be announced on Wednesday.
- 2015 Stress Test Methodology and Results
Mar. 5, 2015, 5:29 PM
- Deutsche Bank's (NYSE:DB) Tier 1 capital ratio under the severely adverse scenari was 34.7% vs. the 5% minimum, and the Tier 1 leverage ratio of 11% stood against the 4% minimum.
- The Fed did note that the test only covered about 15% of the bank's operations. That will change for next year as Deutsche is expected to bring all U.S. operations under one holding company.
- The CCAR results are set for next Wednesday after the close.
- Previously: All pass the stress test, but some cut it close (March 5)
- Previously: BofA +1.1% after getting through stress test (March 5)
- Previously: All 31 lenders pass the stress test (March 5)
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