Deutsche Bank co-CEOs Anshu Jain and Juergen Fitschen resign, John Cryan to step up as replacement June 7, 2015 The co-chiefs of Deutsche Bank are resigning amid increasing pressure from investors over their management of a series of problems to have beset the bank. The German bank was hit with a £1.7bn fine over Libor manipulation in April, which co-CEO Anshu Jain took ultimate responsibility for, while fellow co-CEO Juergen Fitschen is embroiled in a legal [...]
Deutsche Bank eyes FinTech startups with innovation labs in London, Berlin and Silicon Valley June 4, 2015 Deutsche Bank is the latest big lender to turn to the startup world for business innovation, eyeing FinTech startups to help kickstart its €1bn (£735m) digital strategy with the opening of three new innovation labs in Europe and the US. The bank will partner with HCL, Microsoft and IBM to open centres in London, Berlin and Silicon [...]
Banks in scramble for Barclays’ coveted broking ticket as Deutsche and Credit Suisse invited to re-pitch May 27, 2015 Barclays, the international London-based bank led by Antony Jenkins, has decided to put its broking mandate up for review after four years. The group is currently served by Deutsche and Credit Suisse as joint brokers. A source close to the bank, which is valued at around £45bn, said yesterday the decision to look for new [...]
The Brexit effect begins: Deutsche Bank forms working group to consider impact of UK leaving the EU May 19, 2015 Deutsche Bank is considering pulling chunks of its operations from the UK in the event of a Brexit, ahead of the EU referendum committed to by the Conservatives during the General Election. The German lender has reportedly put together a working group comprising execs from its risk, strategy, UK management and research teams, to [...]
Deutsche Bank share price falls as pressure rises on bosses in wake of Libor rigging fines April 28, 2015 Deutsche Bank’s share price fell again yesterday as investors failed to warm to the German lender’s latest strategic plan. The stock has fallen eight per cent since the bank was fined £1.7bn last Thursday for attempting to manipulate Libor – the latest in string of problems for the bank, resulting in mounting pressure on [...]
Deutsche Bank’s Anshu Jain takes responsibility for Libor rigging scandal but won’t quit April 27, 2015 One of Deutsche Bank’s co-chief executives yesterday said he takes responsibility for the Libor fiddling that took place in London on his watch. But Anshu Jain said that he will not resign. The bank has disciplined or fired everyone who it believes is responsible, and has been told to sack another seven staff identified by [...]
Deutsche Bank profits cut in half by litigation costs April 27, 2015 DEUTSCHE Bank’s profits were slashed in half by soaring litigation costs in the first quarter, the lender announced yesterday, after it settled a £1.7bn Libor fine with regulators on Thursday. The German investment bank recorded a strong rise in revenues, joining the industry-wide growth in trading income, but that was more than outweighed by the [...]
Deutsche Bank wields axe after £1.7bn fine: Staff fired over Libor fixing scandal but top bosses stay April 23, 2015 Deutsche Bank was ordered to fire another seven staff yesterday for manipulating Libor submissions between 2005 and 2010 – but no top bosses have resigned over the scandal. The $2.5bn (£1.7bn) fine is far bigger than any previously levied on other banks, in part because Deutsche’s staff misled regulators and tried to cover up [...]
Deutsche Bank Libor fine: Seven crazy things traders said about Libor that cost the bank billions April 23, 2015 Deutsche Bank has been fined billions of pounds over misconduct in relation to fixing inter-bank lending rates Libor, Euribor and Tibor. Transcripts released by the New York Department of Financial Services (NTSDFS) reveal the banter between traders on setting the rates. Here are seven crazy conversations had by traders (emphasis ours). 1. The geezer On [...]
Deutsche Bank slapped with biggest ever Libor fine of £227m for “misleading” UK regulator April 23, 2015 Deutsche Bank has been slapped with a multi-billion pound fine by regulators, including the largest ever handed out by UK authorities, over Libor and Euribor rate-fixing. Germany's biggest lender has been fined £227m by the Financial Conduct Authority (FCA) over Libor and Euribor misconduct and for "misleading" the regulator during its investigation. Three regulators in [...]