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at Fox Business (Mon, 10:46AM)
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Business Wire (Apr 11, 2014)
Business Wire (Apr 10, 2014)
Deutsche Bank Americas Foundation Names Grantees for Anchoring Achievement in Mexican Communities InitiativeBusiness Wire (Mar 27, 2014)
at Fox Business (Mar 25, 2014)
at MarketWatch.com (Mar 25, 2014)
at CNBC.com (Mar 21, 2014)
at MarketWatch.com (Mar 19, 2014)
at Fox Business (Mar 17, 2014)
at Fox Business (Mar 14, 2014)
DB vs. ETF Alternatives
Friday, Apr 117:58 AM
Friday, Apr 117:58 AM| Comment!
- The suit was dismissed on technical grounds, as the FHFA filed the charges against Deutsche Bank (DB) within the 6-year statute of limitations, but did not have standing to sue. HSBC - the trustee of the $1.4B in mortgage securities - did have standing, but did not join the case until just after the 6-year period had expired.
Thursday, Apr 107:33 AM
Thursday, Apr 107:33 AM| Comment!
- Deutshce Bank (DB) put a London currency saleswoman - Kai Lew - on leave last month for inappropriate communication with the Monetary Authority of SIngapore (MAS), reports Bloomberg.
- Part of Lew's job was to handle business with central banks. While among at least two dozen employees who have been fired, suspended, or put on leave by the big banks - she appears to be the first in sales.
- Last month the Bank of England suspended an employee amid its own investigation of employee involvement with rate-rigging.
Tuesday, Apr 88:27 AM
Tuesday, Apr 88:27 AM| Comment!
- Proposed new EU rules concerning how banks value certain assets on their books could force Deutsche Bank (DB) to set aside as much as €2.2B in additional capital, reports Reuters, citing analyst estimates.
- The new rules would force conservative valuations, independent price verification, and consideration of additional costs when marking to market.
- The U.K. is in the lead on these rules, having already begun with them, but some EU countries - including Germany - have yet to implement the requirements.
- Should the rules come in force, analysts don't expect Deutsche to have to resort to a share sale, but instead raise the capital through retained earnings (lower or canceled dividends), costs cuts, and balance sheet shrinkage.
Monday, Apr 71:13 PM
Monday, Apr 71:13 PM| 7 Comments
- Nine months ago, the European Commission accused 13 banks of blocking Deutshce Boerse (DBOEY) and CME from entering the lucrative CDS business between 2006-09, but the banks, reports Reuters, are set to fight those charges at a closed-door hearing next month.
- Should they lose, the banks could be subject to fines of up to 10% of their global CDS turnover - not a small amount given the size of the market.
- Those charged and expected to fight: C, GS, DB, BAC, BCS, BNPQY, CS, HSBC, JPM, MS, RBS, and UBS.
Thursday, Apr 37:29 AM
Tuesday, Apr 14:43 AM
Tuesday, Apr 14:43 AM| 10 Comments
- A group of investors from across the U.S. and Caribbean have filed a class-action lawsuit against 12 banks for allegedly colluding to manipulate currency rates.
- The firms being sued include Bank of America (BAC), Barclays (BCS), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), HSBC (HSBC), JPMorgan (JPM), Morgan Stanley (MS) and RBS (RBS).
- The investors include city and state pension plans such as the City of Philadelphia and the State-Boston Retirement System.
- The suit adds to multiple investigations by international authorities into forex manipulation, the latest being the Hong Kong Monetary Authority.
Monday, Mar 311:24 PM
Monday, Mar 311:24 PM| Comment!
- Amid probes of bank hiring practices in China, Deutsche Bank (DB +1.2%) is considering bowing out of working on the IPO of China General Nuclear Power Group, reports Bloomberg. Deutsche employs the daughter of China General Nuclear's Chairman, He Yu, say sources, and has been helping to put together the IPO for the last nine months, but late last year received an SEC tap on the shoulder about its hiring in China.
- JPMorgan has dropped out of two IPOs since a probe began into its hiring practices, according to those close to the matter.
- Deutsche's role in bringing China Nuclear to market may also not sit well with the German government which wants to shut all nuclear reactors in that country by 2022.
Monday, Mar 3112:27 PM
Monday, Mar 3112:27 PM| 13 Comments
- Absent reforms, another financial crisis is likely to leave taxpayers on the hook for hundreds of billions, warns the IMF, estimating the world's biggest banks receive up to $590B in implicit public subsidies because of their TBTF status.
- Said subsidies include bankers who still have a "heads I win, tails you lose" attitude, and investors who lend at lower cost to banks than they might otherwise. The IMF calculated the size of the subsidies by comparing the CDS prices and credit ratings across larger and smaller banks. While the amount has fallen since the crisis, it still remains sizable. "All in all ... the expected probability that systemically important banks will be bailed out remains high in all regions."
- Subsidies for the biggest players are "like insurance for which banks don't need to pay a premium," says senior IMF analyst Gaston Gelos.
- Full report (starting on pg. 34)
- Among the usual suspects: BBVA, BBD, BAC, BCS, BK, BNS, C, CS, DB, GS, HSBC, IBN, ING, JPM, LYG, MS, NBG, RY, STT, TD, UBS, WFC, WBK.
Thursday, Mar 204:49 AM
Thursday, Mar 204:49 AM| 2 Comments
- Deutsche Bank (DB) intends to cut jobs at the corporate-finance, capital-markets and trading divisions of its investment bank amid a slow start to the year, Bloomberg reports, with managing directors set to be included in the cull.
- The German firm could axe 500 jobs, although it hasn't decided on a final number. It would join Barclays and other banks in making changes at its investment-bank operations.
Wednesday, Mar 197:33 AM
Wednesday, Mar 197:33 AM| Comment!
- With business stagnating, Deutsche (DB) is weighing job reductions across its corporate finance, capital markets, and trading businesses in positions all the way up to managing director, reports Bloomberg. Also at work is the bank's decision to boost fixed pay - and therefore fixed costs - for senior bankers, say sources.
- Deutsche last week joined JPMorgan and Citigroup in warning on Q1 investment banking revenue.
- The stock's ahead 2.8% in Frankfurt.
Tuesday, Mar 1812:22 PM
Tuesday, Mar 1812:22 PM| Comment!
- Blackstone (BX +1.8%) is teaming with Deutsche Bank (DB +1.6%), Lone Star Capital with JPMorgan (JPM +0.3%), and Apollo Global (APO -0.6%) with Banco Santander (SAN +1.3%) to win Commerzbank's (CRZBY +4%) so-called Project Octopus portfolio of Spanish real estate loans, with bids reportedly topping €3B (face value of loans is over €4B).
- Commerzbank is a forced seller as the bailed-out lender continues to move to get a grip on its capital levels (the German government is now a 17% owner).
Friday, Mar 143:07 PM|Friday, Mar 143:07 PM| 33 Comments
Thursday, Mar 1310:40 AM
Thursday, Mar 1310:40 AM| 2 Comments
- "To us, the year started slow," says Deutsche Bank (DB -0.9%) CFO Stefan Krause. "Obviously through political uncertainty we started to have market uncertainty again and a slowdown in business."
- Krause's warnings of a continued slowdown in investment banking business echo those of Citigroup and JPMorgan over the last couple of weeks.
- Fixed income revenue has been slowing since May, with some banks (notably Goldman) insisting the fall is temporary, but others say boosted capital requirements has squeezed margins and left overcapacity, meaning more job cuts as banks shrink and restructure.
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, IAI, SEF, IYG, FXO, PFI, KBWB, FNCL, FINU, RWW, RYF, PSCF, FINZ
Tuesday, Mar 1111:33 AM
Tuesday, Mar 1111:33 AM| Comment!
- The publication of the 285-page manual marks the start of phase 2 of the ECB's review of EU banks which is expected to run until August. The exam will cover €3.72T, or 58% of the banking system's risk-weighted assets. On average, central bank supervisors will review 1,250 credit files per bank.
- The move is part of a process by the EU to harmonize banking practices across borders, break the (often-toxic) link between governments and their banks, and bring credibility back to the sector. Along with this review, the ECB is conducting stress tests for the largest banks.
- Yesterday: German lenders - including Deutsche Bank (DB) - escape the need to revalue their mortgage portfolios.
- Also among those under review: SAN, BBVA, ING
Monday, Mar 103:44 PM
Monday, Mar 103:44 PM| Comment!
- German banks - including Deutsche (DB) and Commerzbank (CRZBF, CRZBY) - will not have to hand over details of mortgage loans as part of the ECB's asset quality review, reports the FT.
- The German housing market is its own bird, with borrowers often having higher down payments and locking in rates for at least 10 years. The home ownership rate is just 44% compared to Spain at 83%. Because of the lack of activity, German banks traditionally value their loans when the mortgage is taken out, as opposed to other banks who more frequently update their portfolios.
- New rules will force banks to revalue loans which haven't been independent assessed in over a year, essentially meaning a costly national revaluation in Germany. It is this the German bankers lobbied against and it appears they've successfully made their case.
- German real estate has gotten perky over the past few years, with the Bundesbank naturally sounding warnings, but private economists note the gains have been modest by true bubble standards.
Thursday, Mar 68:03 AM
Thursday, Mar 68:03 AM| Comment!
- With Deutsche Bank (DB) facing a number of regulatory and legal issues, Andrew Procter - global head of compliance - is departing to join a private law firm, reports the FT after seeing an internal memo. No successor has been named, but sources say the job will likely be split into a global head of compliance and a separate head of government affairs.
- Aside from the many legal issues the bank faces, there's also money. Declining banking sector bonuses now stretched out over several years make poaching legal staff an easier task for well-paying law firms.