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US President Donald Trump, along with his family and businesses, on Monday sued Deutsche Bank and Capital One in an attempt to stop them from complying with Congressional subpoenas issued as part of a probe into foreign political influence. The subpoenas — which the Trumps described in their suit as “intrusive and overbroad” — were issued to several banks by the Democratic-majority House’s intelligence and financial services committees, which are looking into the president’s finances […]
NEW YORK, United States (AFP) — New York and British authorities on Monday slapped nearly $630 million in fines on German banking giant Deutsche Bank over alleged money laundering in Russia, New York State’s Department of Financial Services announced. The scheme illegally moved $10 billion out of Russia, using so-called mirror trades among the bank’s Moscow, London, and New York offices, authorities said. The US Justice Department also is investigating the matter. The fines were the latest […]
BERLIN, Germany (AFP) — Deutsche Bank has agreed to pay a total of $7.2 billion to settle a case with the US Department of Justice over its role in the subprime mortgage crisis, the lender said in a statement Friday. The payment includes a $3.1 billion dollar fine and $4.1 billion in relief to consumers as part of an agreement in principle with US authorities, it said. Deutsche has been negotiating the terms of the […]
FRANKFURT, Germany (AFP) – by Pauline HOUEDE Deutsche Bank’s complaints that it is the target of speculators are triggering debate in Germany over where responsibility really lies for the troubled giant’s woes. After an eventful week that saw the Frankfurt institution’s shares plumb historic lows on fears over its financial health, Vice-Chancellor Sigmar Gabriel blamed the past decisions of “irresponsible managers” for Deutsche’s state. From the height of banks’ bid to compete with global investment banks […]
HONG KONG, China (AFP) — Asian markets rallied Monday with financials up on easing fears about the future of German giant Deutsche Bank after a source said it was nearing a deal to slash a multi-billion-dollar US fine. Traders fled for cover last week, sending stocks reeling Friday, after US officials slapped the lender with a $14 billion charge over its role in the subprime mortgage crisis. The gigantic figure fuelled fears the bank […]
by John BIERS NEW YORK, United States (AFP) — Deutsche Bank’s woes and the looming first debate between battling US presidential candidates Donald Trump and Hillary Clinton helped send global markets broadly lower Monday. Banking shares in the US and Europe fell sharply following reports that Berlin has refused state aid to fortify Deutsche Bank as it faces a multibillion-dollar fine in the United States over its sale of mortgage-backed securities before the 2008 financial […]
BERLIN, Germany (AFP) — Deutsche Bank announced Thursday plans to cut 3,000 jobs and almost 200 bank branches throughout Germany, part of a vast overhaul following big losses and scandals at Germany’s biggest lender. “It is a painful decision to reduce jobs. Unfortunately, this step cannot be avoided if Deutsche Bank is to remain competitive in the long term,” board member Christian Sewing said in a statement. Almost 3,000 jobs will be cut in the […]
WASHINGTON, United States (AFP) – Seven big banks, including Bank of America, JP Morgan, Credit Suisse and Deutsche Bank, have agreed to pay a total of $324 million to settle a lawsuit accusing them of market manipulation of interest rates. The settlement Tuesday followed a federal judge’s ruling in March admitting the class action lawsuit brought by investors and pension funds against the banks. In all about 15 banks were named in the suit […]
MILAN, Italy (AFP) – German banking giant Deutsche Bank is the target of a criminal probe into government bond market manipulation, the bank and plaintiffs said on Friday. Five former Deutsche Bank top managers are being investigated by a prosecutor in Trani, southern Italy, including its ex-chief executive Josef Ackermann, consumer associations Adusbef and Federconsumatori said after filing their legal complaint. They accuse Deutsche Bank of selling “massive” amounts of Italian government debt between January […]
WASHINGTON, United States (AFP) — Seven big banks, including Bank of America, JP Morgan, Credit Suisse and Deutsche Bank, have agreed to pay a total of $324 million to settle a lawsuit accusing them of market manipulation of interest rates. The settlement Tuesday followed a federal judge’s ruling in March admitting the class action lawsuit brought by investors and pension funds against the banks. In all about 15 banks were named in the suit for […]
FRANKFURT , Germany (AFP) — Deutsche Bank, Germany’s biggest lender, said Thursday that its profits were more than halved in the first quarter as the slowing global economy weighed on client activity. But the bank’s first-quarter performance still largely beat analysts’ expectations. Deutsche Bank said in a statement that net profit fell to 214 million euros ($243 million) in the period from January to March, down from 544 million euros a year earlier. That represented […]
NEW YORK, United States (AFP) — The global stock rally showed signs of petering out Thursday as oil prices stagnated and analysts expressed worry that another bout of selling could be imminent. After three straight days of solid gains, US stocks closed lower, with the Nasdaq down the most at 1.0 percent. London also lost 1.0 percent with metals and oil equities falling sharply after Wednesday’s bounce. Frankfurt gained 0.9 percent, while Paris edged up […]
