Deutsche Bank ended its over-the-counter (OTC) swaps clearing business for the U.S. market last week because of a streamlining push by bank officials to move out of profit-challenged businesses, according to a source familiar with the situation. For Deutsche Bank and other organizations offering clearing support, the OTC swaps clearing business in the U.S. has… Read More >>
Deutsche Bank Fined $631M for Laundering Rubles
Deutsche Bank will be paying $631.5 million in fines to U.S. and U.K. authorities for violations of anti-money laundering (AML) that were part of a “mirror trading” scheme that involved the German institution’s Moscow, London and New York branches, and resulted in the laundering $10 billion out of Russia. The transactions in question occurred between… Read More >>
Deutsche Bank Trims Bonuses for 25% of Staff
With an eye toward future profits, Deutsche Bank’s top managers are scaling back on bonuses after multi-billion dollar settlements with regulators and announcing aggressive yet profit-gouging layoffs and other cost-cutting measures. One of the silver linings from the bad bonus news is that the bonus ban will impact only 25 percent of the firm’s employee… Read More >>
Deutsche Bank, Credit Suisse Deals May Mark the End of an Era
Deutsche Bank and Credit Suisse Group struck end-of-year, billion-dollar deals with the Obama administration over cases involving toxic securities and fraud allegations, perhaps signaling the end of the era of Big Settlements. As has been widely reported, Deutsche Bank agreed to a $7.2 billion settlement with U.S. authorities while Credit Suisse is going to pay… Read More >>
Cantor Fitzgerald Hires Deutsche Bank’s Former Co-CEO
Interdealer broker Cantor Fitzgerald has hired Anshu Jain, the former co-CEO of Deutsche Bank, as its new president with a mandate to oversee the firm’s next phase of growth. In a prepared statement, Howard W. Lutnick, chairman and CEO of Cantor Fitzgerald, L.P. (CFLP), says that Jain in his newly created post will help “improve… Read More >>
Credit Suisse Ramps Up Cost-Cutting Plans
For the second time within the space of a year, Credit Suisse is announcing cuts, this time trimming a further SFr1 billion ($991 million) in operating costs amid challenging market conditions, including lower fees from asset management and a slump in investment banking, The original target had been to reduce its operating cost base to… Read More >>
Deutsche Bank Penalized $37M for Dark Pool Woes
Deutsche Bank has agreed to pay $37 million in penalties, and admit wrongdoing, to settle state and federal charges that it “misled clients about the performance of a core feature of its automated order router that primarily sent client orders to dark pools,” according to a statement from the SEC. Essentially, that misinformation about the… Read More >>
Deutsche Bank Fills Top Posts for IT Innovation
Deutsche Bank Taps Two to Lead Innovation Efforts Deutsche Bank reports that Elly Hardwick has been named head of innovation and Philip Milne has been named chief technology officer (CTO) for innovation. Hardwick, who joined the bank in early December, will lead the bank’s innovation activities and manage the Deutsche Bank Labs globally, the bank… Read More >>
Deutsche Bank to Cut 3,400 Costly Clients
Deutsche Bank is confirming that it will be parting company with 3,400 clients that have been determined to a strain on the bank’s bottom line, confirms the German institution’s CEO John Cryan in a message to employees dated Dec. 6. The confirmation follows a report in The Wall Street Journal (WSJ) about the cost-cutting effort,… Read More >>
Regs, DLT & Emerging Markets to Reshape Securities Industry
Like scaffolding on a bank building, the securities industry is getting a make-over via the forces of regulation, new technologies and a reinvigorated emerging markets sector, according to the findings of Deutsche Bank and FT Remark, the research arm of the Financial Times, which conducted a survey of 200 financial services industry participants. In particular,… Read More >>
