Deutsche Bank

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Deutsche Bank's Push to Be a Banking Giant Is Dead

The Frankfurt-based bank began cutting 18K jobs on Monday

(Newser) - Germany's Deutsche Bank on Monday began cutting 18,000 jobs, marking the end of a long, failed attempt to compete with the planet's investment banking giants. The bank plan unveiled Sunday aims to take Deutsche Bank "back to our roots" by refocusing on traditional strengths like serving... More »

Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs

Board approves retreat from global ambitions

(Newser) - In a sweeping restructuring, Deutsche Bank announced Sunday that it will cut 18,000 jobs and abandon its global equities sales and trading business. The bank intends to cut costs as much as $19 billion in coming years, CNBC reports. That would leave it with 74,000 employees by 2022.... More »

Trump: I Don't Need Banks Because I Have Cash

President fires back at 'New York Times' over negative story

(Newser) - The New York Times wrote a story critical of President Trump's dealings with Deutsche Bank, and now the president is firing back. In Monday morning tweets, Trump rejected the notion that banks have been leery of working with him—instead, he says he's been so successful in business... More »

Report: Trump, Kushner Bank Transactions Raised Red Flags

Sources say Deutsche Bank decided not to inform feds of staff recommendations

(Newser) - Transactions linked to President Trump and his son-in-law raised red flags in a Deutsche Bank computer system designed to detect money laundering in 2016 and 2017, but the bank decided not to act, reports the New York Times , citing "five current and former bank employees." The sources, including... More »

Report: Major Bank Is Handing Over Trump Records

Deutsche Bank has reportedly complied with subpoena from New York AG

(Newser) - While House lawmakers are having trouble obtaining President Trump's tax returns , New York state's attorney general now has her hands on financial records relating to his businesses, sources tell CNN . The sources say Deutsche Bank—which has reportedly issued more than $2 billion in loans to Trump and... More »

Trump Was Denied a Loan While Running for Prez

This time, Deutsche Bank was nervous about it

(Newser) - While running for president, Donald Trump reached out for a loan and got an unexpected answer—and that answer was "no," the New York Times reports. Trump made the request of Deutsche Bank in early 2016 while lending his campaign tens of millions and spending money to improve... More »

Mueller May Have Just Crossed 'Red Line' Trump Warned About

Special counsel said to have subpoenaed Deutsche Bank for records on Trump finances

(Newser) - President Trump has warned that Robert Mueller would be crossing a "red line" if he poked around in the Trump family's finances—and apparently Mueller is now prepared to find out what awaits him on the other side of that line. A source has revealed to Bloomberg that... More »

Banker Confuses Net and Gross in $6B Error

He apparently messed up basic values: report

(Newser) - A junior foreign-exchange trader at Deutsche Bank in London likely blew his chance to become a senior foreign-exchange trader after mistakenly sending $6 billion to a US hedge fund. While his boss was on vacation, the worker dished out a gross value rather than a net amount in a wire... More »

'Tour de Fraud' Earns Bank Record Fine

BNP Paribas fined almost $9B for bypassing sanctions

(Newser) - Federal prosecutors at last made good on their promise to get a guilty plea out of a major bank yesterday, as BNP Paribas agreed to a record fine of almost $9 billion for violating US sanctions. The bank, the biggest in France, "perpetrated what was truly a Tour de... More »

Wife Says Ex Ripped Off Their Tiger Charity

In divorce case, she says Save China's Tigers gave them lavish lifestyle

(Newser) - A prominent wildlife charity called Save China's Tigers did more than try to save tigers—it provided an endless source of cash for the founders' opulent lifestyle, according to allegations in a nasty divorce case. Li Quan says soon-to-be-ex Stuart Bray, a former Deutsche Bank executive, used deceptive accounting... More »

Deutsche Bank Opens 200-Ton Gold Vault

Will bring more gold into Singapore, after country scraps tax on metals

(Newser) - Big gold-dealing Deutsche Bank has opened a 200-ton gold vault in Singapore, a move that reflects the city-state's rising status as a tax haven to rival the likes of Switzerland, Quartz reports. "Gold has traditionally been stored in London, Zurich and New York, but there is a serious... More »

German Bank Evacuates 700 Over White Powder

40 Deutsche Bank workers who may have had contact being checked

(Newser) - About 700 people were evacuated from a Deutsche Bank office in Germany today after white powder was found in a letter at the building, Reuters reports. Forty bank employees who may have had contact with the powder are undergoing health checks. The Schkeuditz building was used for back-office operations, and... More »

3 Banks in Center of Libor Scandal

One former trader says Libor has been rigged since at least 1991

(Newser) - Recently released court documents suggest that traders at Barclays, the Royal Bank of Scotland, and UBS were most central to the Libor-rigging scandal , reports Reuters . Those three banks—much of the blame has fallen on just Barclay's up to now—employed more than a dozen traders who tried influencing... More »

Bank Industry on Alert After Threat to Deutsche CEO

Suspicious package in Germany catches attention of NYPD, too

(Newser) - An apparent mail bomb sent to the CEO of Germany's Deutsche Bank has raised security concerns on Wall Street as well, reports CNBC . The letter, which didn't detonate, contained explosives and shrapnel, and had been addressed to CEO Josef Ackermann. It got intercepted in the mailroom of the... More »

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ... More »

SEC Shredded Files to Cover Up Crimes: Whistleblower

Matt Taibbi reports on an insane, probably illegal practice

(Newser) - Police aren’t generally in the habit of destroying evidence from failed investigations—but the SEC is, according to one whistleblower. SEC attorney Darcy Flynn spilled the beans to Congress in July, saying that the SEC routinely destroys all documents related to its preliminary investigations if they don’t proceed.... More »

Feds Sue Deutsche Bank Over Reckless Mortgage Lies

$1B suit may be first of many

(Newser) - The federal government is suing Deutsche Bank for $1 billion over shoddy mortgages that cost taxpayers hundreds of millions of dollars. The suit accuses the lender of lying to the government while arranging federal insurance on mortgages that it had recklessly approved for poor credit risks, reports the Los Angeles ... More »

Deutsche Bank CEO: Female Execs Will Make Things 'Prettier'

Josef Ackermann's remark has not gone over well

(Newser) - The CEO of Deutsche Bank has elicited howls of outrage for commenting that a law to require more women in German boardrooms would make business "more colorful—and prettier," Der Spiegel reports. Josef Ackermann made the comments in response to a proposed quota for the proportion of women... More »

Deutsche Bank to Pay US $554M for Tax Fraud

Bank allegedly sold fraudulent tax shelters

(Newser) - Deutsche Bank has agreed to pay the US government $553.6 million to end an investigation into its alleged sale of fraudulent tax shelters, and avoid any criminal charges. The bank has admitted to taking part “in financial transactions which furthered the fraudulent tax shelters that generated billions of... More »

Goldman Sachs Subpoenaed in Fraud Probe

Senate seeks evidence that banks foresaw mortgage meltdown

(Newser) - A Senate committee has subpoenaed Goldman Sachs, Deutsche Bank, and other financial institutions as part of an investigation into mortgage-market fraud, sources tell the Wall Street Journal. The probe appears to focus on emails and other internal communications that may show bankers' doubts about the safety of mortgage-backed securities, which... More »

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