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DB

Deutsche Bank AG

5/21/2013, 5:34 AM ET

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Thursday, May 9, 6:11 AM Citigroup (C) gains on Deutsche Bank (DB) in the race for currency trading supremacy. C (which came in second in a Euromoney Institutional Investor poll), cut DB's market share lead to just 0.28%, which is about as tight as the race for the top spot has ever been. C's ascent is partially attributable to its strong showing in emerging-market foreign exchange, where it leads DB by more than 2 percentage points. Comment! [Financials]
Tuesday, April 30, 6:57 AM The upgrades fly in for Deutsche Bank (DB) after it announced a capital raise yesterday and reported better-than-expected Q1 results. It's dilutive yes, but will also put the bank's balance sheet in a much stronger position. We've got Santander, RBC Capital, Nomura, JPMorgan, and Credit Suisse and the day's still young. Shares +5.7% premarket after yesterday's 3.7% gain. The Dax (EWG) is the only market in Europe in the green, +0.5%. Comment! [Financials, On the Move]
Monday, April 29, 12:45 PM More on Deutsche Bank (DB +0.3%): The capital raise news comes as the bank reports Q1 EPS of €1.71 on revenues of €9.4B. Cost cutting: Noninterest expense of €6.6B down 5% Y/Y. Current Basel 3 Tier 1 capital ratio of 8.8% would be hiked to about 9.5% after the €2.8B share sale. Giving in? Three months ago, new co-CEO Anshu Jain pledged no share issuance. "We don't think it's in our shareholders best interest for us to issue capital given our discount to book value." Shares are 16% lower today than at that point. Comment! [Financials, On the Move]
Monday, April 29, 12:32 PM Deutsche Bank (DB -1.6%) gives in, hatching plans to raise capital by issuing €2.8B in shares, and potentially another €2B of subordinated debt over the next year. (PR) 1 Comment [Financials, Breaking News, On the Move]
Wednesday, April 17, 6:39 PM Deutsche Bank (DB) will cap the pay of its co-CEOs Anshu Jain and Jurgen Fitschen at ~€9.88M (€2.3M base, and €7.55M in bonuses). Clawbacks are permitted in the event the bank's minimum Tier 1 capital requirements are not met. Pay is also conditional upon "the bank's reputation" according to WSJ. DB has certainly not been at the top of its peer group in terms of either its capital position or its reputation of late — stay tuned. (Also: DB CEOs face shareholder ire) Comment! [Financials]
Wednesday, April 17, 1:38 PM "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital. 5 Comments [Financials]
Wednesday, April 17, 8:56 AM Following a nearly 3-week period in which DB halted creations for 26 ETNs on which it's the indexer, the bank finally resumed creations on the notes yesterday. The affected notes follow: BDD, BDG, BOM, BOS, BUNL, BUNT, DEFL, DGP, DGZ, DOD, DTO, DZZ, INFL, ITLT, ITLY, JGBD, JGBL, JGBS, JGBT, LBND, OLO, SBND, SZO, UDNT, UUPT, WMW. 1 Comment
Friday, April 12, 6:00 AM A break-up of the big banks is on the minds of none other than analysts at the banks themselves. Wells Fargo reckons shareholders might "intensify demands" for it, especially as the likes of Bank of America (BAC), Citigroup (C) and JPMorgan (JPM) trade at discounts of 25-30% to more-focused rivals. JPM's analysts have questioned the viability of running an investment bank "as part of a universal banking business." 7 Comments [Financials, Top Stories]
Thursday, April 11, 10:37 AM More from Deutsche Bank's (DB) €5M shareholder meeting: Chairman Paul Achleitner is asked to take a closer look at corporate governance where there is "room for improvement;" co-CEO Jurgen Fitschen says DB is trying "to establish legal certainty" after a German court ruling tied to Leo Kirch's representatives rendered void the appointment of the bank's auditors; DB will drop most of its Dutch customers.
Comment! [Financials]
Thursday, April 11, 10:20 AM A 10-year and counting battle with representatives of media mogul Leo Kirch (who died in 2011) compels Deutsche Bank (DB +0.7%) to hold an "extraordinary" shareholder meeting. A barrier was placed between the audience and management to restrain shareholders angry at being called to a meeting based on a "private vendetta." Kirch claimed DB caused his empire to collapse with comments made to Bloomberg over a decade ago. Comment! [Financials]
Monday, April 8, 2:51 AM San Francisco based Union Bank, a unit of Japan's Mitsubishi UFJ Financial Group (MTU), has agreed to acquire a portfolio of $3.7B in U.S. real-estate loans from Deutsche Bank (DB) subsidiary PB Capital. The acquisition is part of MUFG's strategy to expand overseas to offset anemic demand in Japan even as European banks sell assets in order to meet tighter capital regulations. (PR) 1 Comment [M&A, Financials]
Thursday, April 4, 5:31 AM Germany's Bundesbank and financial watchdog Bafin are reportedly investigating Deutsche Bank (DB) over allegations by former employees that it hid up to $12B in losses during the financial crisis by incorrectly valuing credit derivatives. Deutsche Bank has denied the claims, with CFO Stefan Krause saying in December that after reporting them to the SEC, the agency had not brought an enforcement action. 1 Comment [Financials]
Tuesday, March 26, 4:49 PM S&P says it may downgrade Deutsche Bank (DB) following the firm's downward revision to last year's profit. S&P predicts legal and regulatory woes will continue to plague the bank and notes DB's capitalization remains below that of its peer group. 1 Comment [Financials]
Sunday, March 24, 10:52 AM Der Spiegel says ~€300M of the €600M Deutsche Bank (DB) retroactively set aside for litigation in 2012 may be linked to violations of U.S. sanctions on Iran. The bank restated its 2012 profit Wednesday after inexplicably increasing "litigation provisions". It now appears the move "could be a sign U.S. investigations of possible Iran-linked transactions [have] reached an advanced stage." (Earlier: DB chief takes pay cut) Comment! [Financials]
Sunday, March 24, 5:07 AM Here's a banking boss with good political instincts: in a move that cost him almost €2M, Deutsche Bank (DB) co-CEO Anshu Jain reportedly asked the firm's supervisory board not to give him part of his 2012 bonus so that his compensation would be in line with that of fellow chief Juergen Fitschen. On Friday, Deutsche Bank said it was docking Jain's and Fitschen's pay after the company was forced to restate 2012 earnings. Comment! [Financials]
Thursday, March 21, 5:47 AM Deutsche Bank's (DB) performance in Q1 has been "robust" across all its businesses, co-CEO Anshu Jain says, due to strong market volumes, less volatility, rising shares and growth in corporate activity. Deutsche Bank has also made progress in reducing costs and risks. Jain's comments come after the bank yesterday it was cutting Q4 profit due to increased legal and regulatory provisions. Shares +0.8%. Comment! [Financials, Earnings, Top Stories]

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