Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Former Bundesbank President Hans Tietmeyer, the last guardian of the German mark and one of the architects of Europe's single currency, has died. He was 85. "Hans Tietmeyer was an outstanding president, who always acted with a clear and firm hand that followed the goal of monetary stability," Bundesbank President Jens Weidmann said in the statement.
Two of Europe's biggest banks have been hit with fines of more than A 10billion for mis-selling toxic mortgages before the financial crisis. US regulators yesterday ordered Deutsche Bank to pay A 5.9billion for its part in the debacle - less than expected - while Credit Suisse agreed to shell out A 4.3billion.
Deutsche Bank sought to reassure staff about its financial strength on Friday, in the wake of a US$7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities. The logo of Germany's largest business bank, Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016.
Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.
We're here in Detroit to look at what JPMorgan Chase has done with a five-year commitment to invest $100 million in the city. Why is an initiative like this good business for you as well as for Detroit? I would do it for moral reasons alone.
Yuri Khilov, while head of Deutsche Bank AG's Russia equity trading desk, allegedly engaged in "large-scale" market manipulation from 2013 to 2015, using accounts that he opened in his relatives' names, according to the Russian central bank. Khilov is accused of booking trades in the name of Deutsche Bank's London office and then buying and selling stocks for his relatives within minutes, skimming the profit, the Bank of Russia said in a statement Tuesday.
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Legislation introduced by two Democratic lawmakers on Thursday would allow Wells Fargo & Co. customers to go to court, instead of private arbitration, to resolve claims about accounts opened without authorization, according to a media release.
Wells Fargo & Co. wants a federal court judge in Utah to order that customers suing the banking giant over improper sales practices submit their claims to binding arbitration.
European banks may reach faster, less costly settlements with the U.S. Department of Justice as a result of Donald Trump's unexpected triumph in the U.S. presidential election, according to Barclays Plc analysts. "Some Democrat appointments at the DoJ have only a few weeks left before they are replaced," London-based analysts Mike Harrison and Jeremy Sigee wrote in a note to clients on Friday.
Bay Area billionaire philanthropist Herb Sandler, who was among those blamed for the 2008 mortgage meltdown that triggered the financial crisis, has edged back into the spotlight thanks to the WikiLeaks hacking of the email account of Hillary Clinton's campaign chairman, John Podesta. The hacked emails from Podesta show a close relationship between the wealthy Clinton donor and longtime Clinton confidante, who worked as the Sandler Foundation's grant consultant for the past 21 months.
At a Lincoln Center gala that raised $3.1 million Tuesday night, Dave Matthews and Yissy Garcia, a woman drummer with a mohawk, played for Evercore Chief Executive Officer Ralph Schlosstein and Citigroup's head of corporate and investment banking, Raymond McGuire. Thank President Obama for giving the bankers the opportunity.
Wall Street sold off on Tuesday, with the S&P 500 closing at the lowest level since July 7, amid growing concern over the impending U.S. presidential election and prospects for higher U.S. interest rates. Stocks pared losses after falling steeply in early afternoon trading as the S&P 500 breached a key technical level.
The Massachusetts crusader has fired off a letter to Wells Fargo's auditor KPMG asking why it didn't catch onto the widespread fraud at the bank. KPMG: "We have received the letter and are currently reviewing it.
Barclays Plc is trying to draw a line at $2 billion in penalties to settle a U.S. investigation into its sale of mortgage securities after it received an opening offer that it considered too high, according to a person with knowledge of the situation. The Justice Department's starting point for negotiations wasn't disclosed but was less than the $14 billion initially presented by the government to Deutsche Bank AG in its talks with the U.S. over similar allegations, two people with knowledge of the matter said.
Stocks closed with mixed results in trading Oct. 21, with the Dow Jones Industrial Average retreating 0.09% to 18,145.71 and the S&P 500 dipping 0.01% to 2,141.16, while the Nasdaq composite index gained slightly, adding 0.30% to end at 5,257.40. revealed Oct. 20 that the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions gave the company a "troubled condition" designation.
This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Major U.S. stock indexes edged mostly higher in early trading Wednesday, Oct. 19, 2016, as investors sized up the latest company earnings and new data showing residential construction slowed in the previous month.
Sen. Elizabeth Warren, D-Mass., and Sen. Bob Menendez, D-N.J., penned a letter to the Wells Fargo & Co. board of directors expressing concerns over the retirement compensation for former Chairman and CEO John Stumpf and the promotion of Timothy Sloan as the new CEO.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon offered a read-between-the-lines prediction that the next US president will be Democratic nominee Hillary Clinton.
Deutsche Bank AG, Germany's biggest bank, is exploring shrinking its U.S. operations as mounting legal expenses threaten to eat into the firm's capital, according to two people with knowledge of the matter. Such an option is being considered as part of the bank's broader strategy review, which evaluates businesses in the context of regulatory and capital requirements, said the people, who asked not to be identified because the talks are private.