The US Department of Justice's mushrooming investigation into the scandal-ridden Malaysian state fund 1MDB has extended to Deutsche Bank, two people familiar with the matter told AFP on Thursday (Jul 12). Signage is seen outside the US headquarters of Deutsche Bank on Jul 8, 2019 in New York City. (Photo: AFP / ANGELA WEISS) The big German bank, which announced deep job cuts earlier this week and is embroiled in other high-profile government probes, says it is cooperating with the investigation and maintains that it is a victim in the scandal. The Justice Department is looking into whether Deutsche Bank broke anti-money laundering laws through its work for 1MDB, which included helping the Malaysian fund raise US$1.2 billion in 2014, two people familiar with the matter told AFP, confirming a report in The Wall Street Journal. Billions of dollars were looted from the Malaysian investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in … [Read more...] about US investigates Deutsche Bank on 1MDB work
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Deutsche Bank may not sacrifice local stocks to recover capital
Deutsche Bank may not bargain away its hundred-million-dollar holding of Vietnamese stocks as it withdraws from the global financial market. About 18,000 Deutsche Bank employees will lose their jobs The Germany-based bank has just surprised the world by announcing to stop its business in global stocks. About 18,000 staff of the bank will be made redundant to save €7.4 billion ($829.1 million) annually. Accordingly, its €74 billion ($82.9 billion) risk assets (mainly stocks) will be transferred to another branch and its financial reserves will be cut to minimise impacts on shareholders. Thus, Deutsche Bank will not just throw out its tremendous stock holdings, they will go to the other branch to make Deutsche Bank's balance sheet nicer. In Vietnam, the bank is the investment management company of FTSE Vietnam Exchange-Traded Fund (ETF) – the second-biggest ETF in the local security market with the valuation of $300 million. The fund’s benchmark is the … [Read more...] about Deutsche Bank may not sacrifice local stocks to recover capital
Deutsche Bank’s restructuring not expected to harm VN market
The logo of Deutsche Bank building in Amsterdam. The German lender's latest decision to remove global equities unit from its business portfolio may not impact the Vietnamese market. — AFP Photo Recent developments at Deutsche Bank will have no effects on capital flows into Viet Nam, according to Bao Viet Securities Co (BVSC). German Deutsche Bank early this week announced it will axe its global equities unit, cut some fixed-income operations and lay off around 18,000 staff as part of its restructuring plan. As of March 31, the German lender managed 704 billion euros (US$788.7 billion) worth of assets across the globe in 15 countries. The bank entered Viet Nam in 1992 and has invested in the Vietnamese equities market through the two funds – FTSE Vietnam ETF and Vietnam Phoenix Fund Limited, formerly known as DWS Vietnam Fund. FTSE Vietnam ETF is an index-focused exchange-traded fund set up by Deutsche Bank in January 2008 and it is the second-biggest fund in Viet Nam. The … [Read more...] about Deutsche Bank’s restructuring not expected to harm VN market
Dismissed Deutsche Bank staff head out as overhaul bites
From Asia to the United States, disconsolate staff at Deutsche Bank dealt on Monday (Jul 8) with news of massive layoffs with some already heading to the exits to drown their sorrows. Analysts said it was high time for Deutsche Bank to stop its decades-long drive to emulate the investment titans of Wall Street. (AFP/Boris Roessler) The German giant's share price fell to a low of €6.66 (US$7.47) before closing down 5.4 per cent at €6.79, following Sunday's announcement of 18,000 job losses by 2022 as the company transitions out of high-risk investment banking. "We need to focus our bank on where we are most competitive ... (and) provide our strong businesses the oxygen to prosper while withdrawing it from others," Deutsche Bank chief executive Christian Sewing told reporters on Monday. "We need to do more than merely trim the perimeter like in the past," he said, before visiting the bank's London offices where redundancy packages were being handed out. Analysts … [Read more...] about Dismissed Deutsche Bank staff head out as overhaul bites
Trump sues Deutsche Bank and Capital One to block House subpoenas
Three of Trump's children and seven of his companies also filed the lawsuit against the mentioned banks. The federal lawsuit Monday, filed in the U.S. District Court’s Southern District of New York, contended that demands for records by Democrat-controlled House committees have no legitimate or lawful purpose. "The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family," the lawsuit said. It also complains that the Democrats are hoping "they will stumble upon something they can expose publicly and use as a political tool against the President." Representative Maxine Waters, the chairwoman of the Financial Services Commission and Representative Adam Schiff, the chairman of the Intelligence Committee, both Democrats, called the lawsuit "meritless" in a joint statement, the New York Times and other media reported. On April 15, two U.S. House of … [Read more...] about Trump sues Deutsche Bank and Capital One to block House subpoenas