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Business Wire (Apr 11, 2014)
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Deutsche Bank Americas Foundation Names Grantees for Anchoring Achievement in Mexican Communities InitiativeBusiness Wire (Mar 27, 2014)
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DB vs. ETF Alternatives
Wednesday, Mar 510:40 AM
Wednesday, Mar 510:40 AM| 4 Comments
- New York resident Kevin Maher files suit against the five banks who set the London gold fix each day, accusing them off price manipulation. The five: Deutsche (DB), Barclays (BCS), Scotiabank (BNS), HSBC, and SocGen (SCGLY).
- The setting of the benchmark occurs twice a day in a teleconference through something resembling open-outcry. There are, of course, a number of investigations ongoing about illegal manipulation, and an academic study has found what it deems to be good evidence of collusion in the afternoon fix.
Tuesday, Mar 411:08 AM
Tuesday, Mar 411:08 AM| Comment!
- Boston-based Charles River Associates was hired by Deutsche Bank (DB +1.7%) several months ago, reports the WSJ, to assess the extent of the bank's participation in the alleged rigging of the London gold fix.
- Gold is traded around the clock, but there is no central source for prices, and a group of five meets twice a day in London to determine a snapshot, or fix. Other than Deutsche, the others are Barclays (BCS), HSBC, Scotiabank (BNS), and SocGen (SCGLY).
- Deutsche last month announced its exit from the group, and Standard Chartered (SCBFF) reportedly is the front-runner to replace it.
- Last week: A draft research paper finds strong evidence of mischief.
Monday, Feb 244:59 AM
Monday, Feb 244:59 AM| 1 Comment
- Deutsche Bank (DB) intends to slash its U.S. balance sheet to $300B from $400B in order to meet tough new capital and leverage requirements from the Federal reserve.
- The figure doesn't include $200B that Deutsche holds at its U.S. branch and doesn't fall under the new rules.
- The German bank will implement the changes mainly by reassigning some operations that are located outside the U.S. to other parts of the business.
- Analysts have estimated that Deutsche will have to allocate over €7B ($9.6B) in capital to its U.S. unit to fulfill the Fed's regulations.
Thursday, Feb 209:00 AM
Thursday, Feb 209:00 AM| Comment!
- Deutsche Bank (DB) today settled a decade-long battle with the heirs of media kingpin Leo Kirch for slightly more than €900M (after interest and costs are factored in). The bank will take a €350M charge against 2013 Q4 earnings.
- The dispute stemmed from a 2002 TV interview in which the then-CEO of Deutsche said the bank would probably not provide any further loans to Kirch's teetering business. Kirch accused the bank of violating his confidentiality rights and of intentionally damaging the company in order to provoke its break-up.
Wednesday, Feb 194:56 AM
Wednesday, Feb 194:56 AM| 1 Comment
- The Federal Reserve has passed regulations for foreign banks on capital, debt levels and annual "stress tests" that could force 15-20 of them to raise billions of dollars in capital.
- Overseas banks with U.S. assets of over $50B would have to form special holding companies in the country and maintain higher capital buffers than other countries require.
- Deutsche Bank (DB), for example, would have an estimated hole of $7B under the new rules.
- However, European Commissioner Michel Barnier said the EU wouldn't be able to accept "discriminatory measures."
- Other banks to be affected include Credit Suisse (CS) and Barclays (BCS).
Wednesday, Feb 123:13 PM
Wednesday, Feb 123:13 PM| 6 Comments
- There have been a number of suits against the global banks over claims of forex manipulation, but this latest by the City of Philadelphia Board of Pensions and Retirement is the first to include research highlighting unusual movements in major currencies.
- Using data compiled by Fideres, the plaintiffs analyzed daily trading right around the 4 PM fix of currency prices ... curiously, anomalous price movements became rarer and less pronounced after the initial reports of rigging surfaced last summer.
- Morgan Stanley has spent some time looking at euro/dollar spikes at 4 PM and also concluded they were unrelated to economic events. Instead of collusion though, Morgan pins the blame on computerized trading programs.
- The seven banks sued by Philadelphia which is seeking damages as high as $10B: Barclays (BCS), Citigroup (C), Deutsche Bank (DB), HSBC, JPMorgan (JPM), RBS, and UBS.
Wednesday, Feb 124:50 AM
Wednesday, Feb 124:50 AM| Comment!
- Goldman Sachs (GS) and Deutsche Bank (DB) are looking to exit an area of operations that not that many people know they're involved in: trading supplies of raw uranium, which is also known as yellow cake.
- Between them, the companies have built up stockpiles of low-grade uranium larger than those held by Iran.
- However, with scrutiny of banks' physical-commodities trading increasing and uranium demand low following the Fukushima disaster, the firms are looking to sell their uranium trading desks.
- Australian bank Macquarie (MCQEF) is reportedly interested in Goldman's operations, which are called NUFCOR.
Sunday, Feb 93:07 AM
Sunday, Feb 93:07 AM| Comment!
- A Dubai court has found Deutsche Bank (DB) to be in "material non-compliance" with orders to provide information as part of a probe into the alleged violation of rules, the Dubai Financial Services Authority (DFSA) has said.
- The DFSA sued Deutsche Bank in November after an investigation of almost a year into the German bank's wealth-management division.
Wednesday, Feb 512:35 PM
Wednesday, Feb 512:35 PM| 2 Comments
- Ben Lawsky, New York's financial services superintendent, reportedly has opened an investigation into manipulation of the currency markets by large banks and is requesting documents from more than a dozen institutions.
- Lawsky is said to have asked for documents from Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), Lloyds (LYG), Royal Bank of Scotland (RBS), Societe Generale (SCGLF, SCGLY) and Standard Chartered (SCDRF, SCBFF).
Tuesday, Feb 42:58 PM
Tuesday, Feb 42:58 PM| Comment!
- Turning its attention from cleaning up legacy issues to growth, Deutsche Bank (DB +0.4%) is adding senior staff and billions in capital to its U.S. unit, with the latest move being the elevation of Rich Herman to New York-based co-head of fixed income trading. Herman previously ran the global debt sales team out of London, but will relocate to the Apple to replace Wayne Felson.
- Deutsche has typically had #1 market share in U.S. bond trading, but fell all the way to 4th spot last year behind JPMorgan, Credit Suisse, and Citigroup, according to research group Greenwich Associates.
- “We see fixed income as a core franchise at Deutsche Bank and remain committed to it,” said Deutsche co-CEO Anshu Jain last month, vowing to step up U.S. investment.
Friday, Jan 316:59 PM
Friday, Jan 316:59 PM| Comment!
- The iShares Currency Hedged MSCI Japan ETF (HEWJ) and Germany ETF (HEWG) will hold a portfolio of large- and mid-cap Japanese and German equities (respectively), while mitigating exposure to fluctuations between the value of the Japanese yen and euro (respectively) against the U.S. dollar.
- The iShares Currency Hedged MSCI EAFE ETF (HEFA) represents a more global approach and will hold a portfolio of large- and mid-cap equities in Europe, Australasia, and the Far East, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar.
- This sector of the ETF universe is currently dominated by WisdomTree (WETF) and Deutsche Bank (DB) sponsored funds.
- Other currency hedged equity ETFs: DBJP, DXJ, HEDJ, DXJS, DXPS, DXGE, DXKW, DBJP, DBEF, DBAP, DBUK, DBEU, DBGR, DBEM, DBKO, DBMX, DBAW, DBBR
Monday, Jan 206:10 AM
Monday, Jan 206:10 AM| Comment!
- Deutsche Bank's (DB) shares slide 3.6% in Frankfurt after the bank published its Q4 results early and reported a pretax loss of €1.2B. The figure badly missed consensus for a profit of €628.5M, although it was down from a loss of €3.17B a year earlier.
- DB also warned that it expects "2014 to be a year of further challenges and disciplined implementation," but it is still confident of achieving its 2015 targets.
- Q4 net loss €1B.
- Deutsche Bank's losses were partly caused by reorganization costs, and charges to adjust credit, debt and funding valuations, as well as by litigation.
- Revenue at Deutsche Bank's investment banking and trading unit tumbled 27% to €2.46B, hurt by a 31% drop in bond and other fixed-income trading. That compares with an 8% fall for U.S. banks. Revenue from trading equities rose 8%.
- Tier 1 equity 9.7%.
- Despite the loss, JPMorgan analyst Kian Abouhossein remains bullish. "Deutsche Bank management deserves credit," Abouhossein says. The firm "is still in restructuring mode but management has delivered on our wish-list of aggressive exposure reduction, bringing forward cost savings and settlement of some litigation." (PR)
Sunday, Jan 195:30 PM|Sunday, Jan 195:30 PM| 7 Comments
Friday, Jan 172:13 PM|Friday, Jan 172:13 PM| Comment!
Wednesday, Jan 1511:57 AM
Wednesday, Jan 1511:57 AM| 2 Comments
- Good news could be in store for European banks as chatter says the ECB is considering just a 6% capital requirement in its stress tests as opposed to the 8% previously promised. A small number of countries aren't even satisfied with 6% and reportedly may press for a lower number.
- Previous European bank stress tests are known mostly for giving passing grades to lenders who just a short while later required government bailouts.
- Tails in the air today include: Santander (SAN +1.6%), Deutsche Bank (DB +2%), ING (ING +0.9%), BBVA (BBVA +3.4%), Bank of Ireland (IRE -0.6%), and Allied Irish Banks (AIBYY +6.3%).
- Related ETF: EUFN
Wednesday, Jan 157:05 AM
Wednesday, Jan 157:05 AM| Comment!
- Deutsche Bank (DB) becomes the latest to suspend trader(s) amid the foreign exchange probes, reports the NYT. Those placed on leave worked in the bank's NYC offices, says a source, with at least one being a trader plying his/her trade in Argentine Pesos.
- Deutsche is the gorilla FX trading, with a 15.2% market share.
- View all 2 replies
Ocean Man:: That was a big drop in BV, but it's still 9% under. Actually gained 2% AH.
Albert Alfonso:: CYS went long MBS on May 30ish.. right before the huge fall...
- View all 7 replies
Ocean Man:: It's a difficult skill to master, buying when fear is highest and things look bleakest, but it's a very important discipline to acquire.
Ocean Man:: But you also have to be able to identify between a good company that will bounce back, and a coal company.
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Energysystems:: analyst day(5/21), hopefully the new co-GP says some good things as well.