Today, 2:07 AM
- There's a new headache at Deutsche Bank (NYSE:DB). The DOJ is investigating billions of dollars worth of mirror trades the bank may have made on behalf of its Russian clients to move funds quietly out of the country.
- The new inquiry adds to the wave of legal woes challenging the institution, which has been battered by multiple criminal investigations and resignations of top executives.
Yesterday, 8:06 PM
- Citigroup (NYSE:C) has hired away two M&A specialist bankers from Deutsche Bank, Reuters reports.
- Steve Pettigrew and Samardh Kumar are set to join Citigroup later in the year, sources told Reuters. Pettigrew has worked on software deals including cybersecurity and infrastructure, while Kumar focused on digital media and Internet deals.
- Earlier, Bank of America hired away Richard Peacock from Goldman Sachs to be a managing director in its M&A group.
- After hours: C -0.4%; DB -0.3%.
- Previously: BofA hires senior retail banker from Goldman Sachs to boost M&A (Aug. 03 2015)
Fri, Jul. 31, 12:26 AM
Thu, Jul. 16, 4:03 PM
- In a confidential report sent to Deutsche Bank (DB +1.5%) in early May - less than a month before the lender announced the resignations of its co-CEOs - BaFin blasted bank management for failing to stop or tell regulators about years of attempted market manipulation, reports the WSJ.
- One of the co-CEOs - Anshu Jain - is singled out in the report for his shortcomings. The other - Jurgen Fitschen - didn't draw any criticism, but four current members of the board and two other senior executives did.
- Though expressing "deep regret" for any wrongdoing, Deutsche strongly disputes BaFin's conclusions, saying the report includes statements taken out of context. Jain calls the allegations "baseless."
Mon, Jul. 13, 2:47 PM
- Building on a probe into whether $6B in trades made by Deutsche Bank (NYSE:DB) for Russian clients constituted money laundering, New York's Dept. of Financial Services is looking into whether a bank employee in Moscow was bribed, according to the FT.
- Earlier this summer, Deutsche announced an internal investigation into the matter, with the word then that the bank's hands were clean and the misconduct was by clients.
- The bribe in question was from a counterparty who had been suspended from trading with Deutsche, but wanted to start back up. The attempt was not accepted.FT
Fri, Jul. 10, 9:12 AM
Mon, Jul. 6, 4:41 PM
- Last year, the Fed and FDIC found most of wind-down plans submitted by twelve of the largest U.S. banks (or U.S. units of overseas banks) had numerous deficiencies, and sent the lenders back to the drawing board.
- The two government agencies today posted public sections of the latest versions of the living wills, and said they will begin reviewing. Feedback is expected before year-end.
- The lucky 12: BAC, BK, C, GS, JPM, MS, STT, UBS, WFC, BCS, CS, DB.
Mon, Jul. 6, 9:10 AM
Wed, Jul. 1, 7:55 AM
- On his first day on the job as Deutsche Bank (NYSE:DB) CEO, John Cryan delays a planned overhaul by 90 days, but tells employees not to expect just "sweetness and light in the coming months."
- As for recent misconduct: "I can tell you that we will decisively identify problems, apply fixes and hold accountable those who misbehave."
- Full letter
- The stock's higher by 4.1% in Frankfurt alongside a sizable Greek-related European rally.
Mon, Jun. 29, 9:16 AM
Fri, Jun. 19, 11:06 AM
- At stake is a package of (mostly non-performing/defaulted) Irish real estate loans held by Lloyds (NYSE:LYG) with a face value of €4.2B. Initial offers were submitted for theProject Poseidon portfolio - which could go for less than €0.30 on the euro - earlier this month, with Goldman Sachs (NYSE:GS) and Deutsche Bank (NYSE:DB) facing off to be the lucky buyer, according to Bloomberg.
Wed, Jun. 10, 10:01 AM
- More than six years after the bottom, only four of the globe's biggest banks sport stock prices trading at a premium to book value. Leading the way is UBS at about 1.4x book. Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Morgan Stanley (NYSE:MS) also trade for north of book.
- Deutsche Bank (NYSE:DB) - whose ROE of 2% is about one-tenth of what it was pre-crisis - brings up the rear at just about 0.5% of book. Barclays (NYSE:BCS) sells for roughly 0.7x book, and Bank of America (NYSE:BAC) only slightly more than that.
- Checking further on ROE, Goldman leads the way at about 12%. Citigroup (NYSE:C) is less than 5%, but stands out as being the only bank with a higher ROE today than before the crisis.
- Looking at total return since the crisis, Goldman again leads the way at about 170%, with Morgan Stanley and JPMorgan a close second/third. Citigroup is the only major bank with a negative total return over that time frame.
- Source: Bloomberg
Tue, Jun. 9, 1:09 PM
- Citing the reduced prospect of government support in a times of stress, S&P cuts the credit ratings of Deutsche Bank (DB -2.4%), Royal Bank of Scotland (RBS +0.7%), and Commerzbank (OTCPK:CRZBY +0.1%) to BBB+, three notches above junk territory. Barclays (BCS +0.2%) is downgraded to A-, one notch above the other three.
- For RBS, Barclays, and Commerzbank, it was a one-notch downgrade. For Deutshce, two notches.
- Source: WSJ
Tue, Jun. 9, 7:28 AM
- According to Deutsche (NYSE:DB), the search by the Wiesbaden prosecutor's office relates to an investigation into securities transactions by clients, and bank employees are not a subject of the probe.
- Shares -1.9% premarket
- Previously: NYT: Regulators pressed for exit of Deutsche chiefs (June 9)
- Previously: Deutsche Bank sharply higher after naming new CEO (June 8)
Tue, Jun. 9, 3:53 AM
- When the two executives who lead Deutsche Bank (NYSE:DB) unexpectedly announced their resignations on Sunday, pressure from angry shareholders was widely seen as the chief factor.
- But regulators also played a role in the departures, NYT reports, saying German financial watchdog BaFin pressed the co-CEOs to resign due to the way they handled an investigation into the alleged manipulation of interest rates by bank employees.
- A spokesman for Deutsche Bank strongly denied the claim.
- Previously: Deutsche Bank's co-CEOs resign (Jun. 07 2015)
Mon, Jun. 8, 9:16 AM
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