WASHINGTON: The US Department of Justice’s mushrooming investigation into the scandal-ridden 1MDB has extended to Deutsche Bank, two people familiar with the matter told AFP Thursday. 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 (RM4.94 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 1MDB investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in a fraud allegedly involving former prime minister Datuk Seri Najib Abdul Razak and his cronies. Deutsche is the second big western bank … [Read more...] about US investigates Deutsche Bank on 1MDB work
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As German bank Deutsche Bank announced that it is axing 18,000 jobs globally following the restructuring plan on Sunday, nearly 4,700 staff in Tokyo, Hong Kong and Singapore, besides Sydney will be affected. The plan said the exercise will cost 7.4 billion euros ($8.31 billion) and a dramatic scale-down of operations of its global equities business and some fixed income operations. The morning when Sydney offices opened first, the staff were found leaving the office in big numbers and some of them confirmed to the media outside that they had been sacked. A report said the bank's equity capital markets team was asked to leave while the mergers and acquisitions (M&A) team was not affected immediately. The bank has some 300 investment banking teams in the Asia-Pacific region and it is learnt that 15 per cent of them will be hit by the new announcement. Deutsche Bank CEO Christian Sewing, in his email on Sunday to the staff said, "This is a restart... We are creating a bank that will … [Read more...] about Deutsche Bank to axe 18000 jobs, Asia-Pacific offices worst-hit
LONDON/FRANKFURT: For Deutsche Bank chief executive Christian Sewing, shrinking the group's investment bank will be the relatively easy: if expensive: part of his restructuring plan.Finding steady revenue streams to produce the 7.4 billion euros (US$8.31 billion) the bank expects in charges from cutting down its trading arm will be more challenging.Germany's biggest bank said on Sunday it planned to focus on corporate banking, foreign exchange, deal-making, asset management, and private banking. All these areas potentially could provide less volatile revenue streams than the bank's equity and rates trading arms, but they are already fiercely competitive and undergoing sweeping technological changes.CORPORATE BANKINGDeutsche Bank wants corporate banking to be the center of its business.This involves building on its strengths in transaction banking - such as trade finance and cash management.The bank is held up by rivals as a traditionally strong performer in these areas, but its … [Read more...] about After Deutsche Bank cuts, where will the growth be?
Germany's biggest lender bank Deutsche Bank will slash around one in five of its workforce, an unprecedented round of departures for the bank FRANKFURT AM MAIN - Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period."Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank".The lender did not immediately make clear where the axe would fall.But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home … [Read more...] about Deutsche Bank says to slash 18,000 jobs by 2022
U.S. President Donald Trump, three of his children and one of his companies filed a federal lawsuit Monday against Deutsche Bank and Capital One Financial Corp to block the banks from complying with federal subpoenas investigating his financial dealings. The federal lawsuit, filed in the U.S. District Court's Southern District of New York, contends that demands for records by Democrat-controlled House committees have "no legitimate or lawful purpose." Trump sues to block U.S. Congress subpoena for his financial records It also states that: "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 suit 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 … [Read more...] about News Trump sues Deutsche Bank and Capital One to block subpoenas