Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount

Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount

Deutsche Bank has announced a reduction of more than 7,000 jobs or 7.2% of global headcount, reducing Germany’s leading bank and world’s leading bank headcount from 97,000 to below 90,000.  In its Equities Sales & Trading business, about 25% of headcount will be reduced.

” Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount “

The restructuring will allow the German bank to accelerate the pace of cost reduction across the bank, and a decrease in leverage exposure in the Corporate & Investment Bank.  At the end of Q1 2018, the corporate & investment bank have exposure of over €100 billion, or approximately 10% of Deutsche bank €1,050 billion of leverage exposure.

Source: Deutsche Bank, Reuters, Bloomberg

 

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Former Deutsche Bank Trader Fined $250,000 for Libor Rigging

Former Deutsche Bank Trader Fined $250,000 for Libor Rigging

Former Deutsche Bank trader,  Guillaume Adolph have been fined £180,000 ($250,000) for Libor rigging by the UK Financial Conduct Authority for offences had occurred almost 10 years ago.  Libor is the London Interbank Offered Rate and is the leading reference for global interest rate.

” Former Deutsche Bank trader Fined £180,000 for Libor Rigging “

Between 2008 and 2010, Guillaume had made requests to Deutsche Swiss franc Libor submitters to adjust their quotes to benefit his own trading positions.  He was also Deutsche Bank’s primary yen Libor submitter, and had arranged with a trader at another bank to make yen Libor submissions, that in submission, to consider price submissions that may benefit his trading positions.

In 2015, Deutsche Bank had already been fined $2.5 billion by British and U.S. authorities for alleged rigging of Libor.  Other traders have since been fined and banned in the financial sector in the Libor rigging including former UBS and Citigroup trader Tom Hayes being sent to prison.

Sources: FCA, Reuters

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank


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Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities has agreed to repay more than $3.7 million to customers and a penalty of $750,000.  The $3.7 million repayment to clients includes $1.48 million as disgorgement, in other ways, repay the earned income of $1.48 million from “illegal or wrongful acts.”

” Deutsche Bank Securities to Repay $3.7 Million for Misleading Clients “

Investigations by the Securities and Exchange Commission (SEC) have found that traders and sales people had made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS), resulting in customers overpaying for the CMBS.  Deutsche Bank failed to have compliance and surveillance procedures in place to reasonably prevent and detect the misconduct, and had increased the firm’s profits at the expense of clients.

Former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon did not take appropriate actions, despite being made aware of the misrepresentation.  Benjamin has agreed to pay a penalty of $165,000 while Deutsche Bank has agreed to pay $750,000.  The SEC investigation was conducted by the Complex Financial Instruments Unit and the New York Regional Office.

Sources: SEC, Bloomberg

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Deutsche Bank Pays $190 Million for FX Rigging

Deutsche Bank Pays $190 Million for FX Rigging

Deutsche Bank will be paying $190 million for its role in rigging foreign exchange prices.  This is a preliminary settlement filing to a U.S. District Court, and is subjected to the approval of the judge.

” Deutsche Bank Will Pay $190 Million for FX Rigging “

Since the 2008 financial crisis, numerous banks had been accused of manipulating foreign exchange and interbank rates.

Source: Reuters

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Deutsche Bank Fined $41 Million for Money Laundering Lapses

Deutsche Bank Fined $41 Million for Money Laundering Lapses

Deutsche Bank AG agreed to pay $41 million to settle Federal Reserve allegations that its U.S. operations failed to maintain adequate protections against money laundering. The bank’s insufficient monitoring involved billions of dollars in “potentially suspicious transactions” processed between 2011 and 2015.

“The bank’s insufficient monitoring involved billions of dollars in potentially suspicious transactions.”

~ Bloomberg

Deutsche Bank has recently reached settlements with the U.K. and New York State’s Department of Financial Services over trades that allegedly helped wealthy Russians move some $10 billion out of the country.

Related Reports: Bloomberg, Wall Street Journal

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Deutsche Bank May Hold Back 90% of Bonuses

Deutsche Bank May Hold Back 90% of Bonuses

Deutsche Bank may withhold bonuses from as many as 90% of the bankers and traders. Only the top 10% are expected to receive a bonus for 2016. The bonuses are to be paid out in instalments over the next five years.

“Only the top 10% are expected to receive a bonus for 2016.”

~Bloomberg

The bank has been exploring different ways to paying bonuses in cash. This is because it is trying to build capital buffers and increase investors confidence in the company. One of the idea proposed is replacing the cash component with Deutsche Bank stock.

Related Reports: Bloomberg, NY Post

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Russia Central Bank Alleges Deutsche Banker Manipulated Markets

Russia Central Bank Alleges Deutsche Banker Manipulated Markets

Russia’s central bank alleged that a banker at Deutsche Bank’s Russian branch had manipulated markets by conducting 300 billion rubles ($4.87 billion) of trades with relatives over the span of two and a half years. The trades which were done during Jan 2013 & July 2015 generated a profit of 255 million rubles for the employee Yuri Khilov and three relatives.

“Russia’s central bank alleged that a banker at Deutsche Bank’s Russian branch had manipulated markets by conducting 300 billion rubles ($4.87 billion) of trades with relatives.”

~ Reuters

The central bank has alleged that Khilov and relatives had manipulated trading on eight securities on Moscow Exchange. The findings are going to be an issue for the bank which recently cut back its investment banking in Russia.

Related Reports: Reuters, Wall Street Journal

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Banks Passed Up Share Sale of Uber

Banks Passed Up Share Sale of Uber

The potential fees and reputation which could be gained from working on Uber’s Initial Public Offering are what ever bank looks for. However, at least two investment banks passed on selling shares of Uber to their high net work clients due to lack of financial details on its business.

“The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion. “

~Bloomberg

JP Morgan Chase & Co and Deutsche Bank turned down the chance to offer their clients the option to invest in Uber. At the end, Bank of America and Morgan Stanley sold their shares earlier this year through the private wealth divisions.  The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion.  If it were to go public at the valuation, it would have a higher valuation than almost 90 percent of the companies in the S&P 500 Index .

Related Reports: Bloomberg

 

About JP Morgan Chase & Co

JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here’s where we stand today:

  • We are a leading global financial services firm with assets of $2.4 trillion.
  • We operate in more than 100 countries.
  • We have over 235,000 employees.
  • We serve millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
  • We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
  • Our stock is a component of the Dow Jones Industrial Average.

Visit: JP Morgan Chase & Co


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Deutsche Bank Said to Consider Alternatives to Cash Bonuses

Deutsche Bank Said to Consider Alternatives to Cash Bonuses

Deutsche Bank AG is considering alternatives to paying bonuses in cash as CEO John Cryan intends to increase capital buffers and investor confidence. Some options discussed including giving some bankers shares in non core unit instead of cash bonuses.

“Since taking over in 2015,Cryan has suspended dividends, reduced bonuses, cut risky assets and have announced plans to reduce 9,000 jobs.”

~Bloomberg

The decision will probably depend on the size and timing of the settlement with US Department of Justice into the sale of real estate securities.  Since taking over in 2015,Cryan has suspended dividends, reduced bonuses, cut risky assets and have announced plans to reduce 9,000 jobs.

Related Reports: Bloomberg

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 

 


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Hedge Funds Pull Funds out of Deutsche Bank

Hedge Funds Pull Funds out of Deutsche Bank

Amidst concern about Deutsche Bank financial position due to the legal penalties, about 10 hedge funds that has business dealings with the German lender have moved to reduce their financial exposure. The funds have moved part of their listed derivatives to other firms. Among them are Izzy Englander’s $34 billion Millennium Partners, Chris Rokos’s $4 billion Rokos Capital Management, and the $14 billion Capula Investment Management.

“This has caused the shares to fall a record low of $11.48 on Thursday.”

~Bloomberg

This has caused the shares to fall a record low of $11.48 on Thursday. Deutsche Bank has been struggling to adjust to stringent capital requirements and lower trading revenue.

Related Reports: Bloomberg, Financial Times

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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