Stories related to: Deutsche Bank

Deutsche Bank posted its first quarterly loss in 5 years today, reflecting the impact of the credit crisis on its investment banking activities. Germany's largest bank reported a net loss of $220 million and admitted that the short-term outlook for the firm remained highly uncertain. Deutsche also took $4.2 billion in writedowns, writes the Financial Times . More »

In a sign of just how bad the credit crisis has become, Deutsche Bank has forbidden its employees from using expense accounts to pay for brothel visits and hotel porn, the Independent reports. It's unclear if execs have been seeking relief from subprime woes—the German giant has written down $4 billion—in fleshier pleasures, the paper adds. More »

The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by attempting to back out of the deal amid the tanking credit market. More »

Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel , to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by pension funds and big banks has made the market volatile and distorted. More »

Several high-profile Wall Street firms that packaged and sold subprime mortgages have been subpoenaed by New York prosecutors, the Wall Street Journal reports today. Merrill Lynch, Bear Stearns, and Deutsche Bank—among others—will be asked to explain how the offerings were reviewed before they were sold to investors, and what relationship the firms had with credit-rating services. More »

Bad news in the financial sector today meant the first bearish day for the market in five sessions, as Deutsche Bank’s negative prediction for fourth-quarter earnings pushed Morgan Stanley, Merrill Lynch, and Lehman Brothers downward. The Dow fell 57.15 to 13,314.57, the Nasdaq slid 23.83 to 2,637.13, and the S&P 500 lost 8.72 to close at 1,472.42. More »

Three top FDNY officials were demoted today in the wake of the Deutsche Bank fire that claimed the lives of two firefighters. The August 18 blaze has been blamed on careless smoking, but the department neglected required inspections on the condemned building. The commissioner also ordered inspections of all construction and demolition projects in the city, the Daily News reports. More »

America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without stigma, the Wall Street Journal reports. More »

A broken standpipe may have crippled the battle against Saturday's Deutsche Bank tower blaze near Ground Zero. Water filled the basement as flames on higher floors raged, the Times reports, and water from the hose connected to the suspect standpipe apparently didn't reach past the fifth floor. Firefighters spent precious minutes pulling hoses up the side of the building. More »

Two firefighters died in a blaze that broke out this afternoon in a skyscraper being demolished at the edge of ground zero in Lower Manhattan. The fire broke out in the partially dismantled Deutsche Bank building, which had been vacant since 9/11, condemned because health officials ruled that it was too contaminated with toxic dust and debris to be renovated. More »

European markets plunged today over worries about the spreading subprime mortgage crisis. Analysts downgraded UBS and Deutsche Bank, which dropped, and all 14 open Western European exchanges lost ground, echoing the Asian markets' earlier retreat. "There's a lot of uncertainty about what's going on and who has lost money from the credit-market debacle," says a Swiss strategist. More »

Four gold-plated investment banks have been ordered to stand trial for alleged market manipulation for their roles in advising Italian dairy giant Parmalat, which declared bankruptcy in 2003. Italian prosecutors say Morgan Stanley, Deutsche Bank, UBS, and Citigroup allowed Parmalat to manipulate its finances, helping it to defraud investors even after the banks were aware of the company's troubled finances. More »