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Until now, German officials have played down their role in the standoff, saying it is up to Deutsche to work out a deal with the U.S. Department of Justice , which is demanding up to $14 billion to settle claims the lender mis-sold mortgage-backed securities before the financial crisis. But government officials in Berlin, speaking on condition of anonymity, told Reuters they hoped to facilitate a quick deal that would buy Deutsche Bank time to regain its footing.
Shares in Germany's biggest bank, Deutsche Bank are continuing to rally on Tuesday, extending gains into a second day, and fighting back against the huge losses seen in recent weeks. Around 8:50 a.m. BST Deutsche's stock is trading up by around 1% from Tuesday's close at a 11.86 in Frankfurt.
Oct 4 Conservative lawmakers lashed out at Germany's economy minister on Tuesday for attacking Deutsche Bank's chief executive, saying the minister's job was to support the country's biggest bank, not talk it down. Sigmar Gabriel, the economy minister and leader of Chancellor Angela Merkel's junior coalition partner, the Social Democrats, criticised Deutsche Bank CEO John Cryan for blaming speculators when the bank's share price plunged last week.
Oct 4 Shares in Deutsche Bank rose 2.5 percent on Tuesday, benefiting from the support of its major clients and even rivals, rebounding after concern over its future last week sent the stock to a record low. German business leaders from companies including BASF , Daimler, E.ON, RWE and Siemens lined up to defend the bank in the German press over the weekend, which included a public holiday on Monday.
Sen. Sherrod Brown, D-Ohio, said Monday he plans to push legislation that would allow Wells Fargo & Co. customers to sue the bank over unauthorized accounts opened by employees trying to meet aggressive sales quotas.
A man walks past a stock quotation board outside a brokerage in Tokyo, Japan, September 9, 2016. A man walks past a stock quotation board outside a brokerage in Tokyo, Japan, September 9, 2016.
Oct 2 German Economy Minister Sigmar Gabriel accused Deutsche Bank on Sunday of crying foul of speculators even though he said the bank had itself pushed a business model based on speculation. "I did not know if I should laugh or cry that the bank that made speculation a business model is now saying it is a victim of speculators," Gabriel told reporters on a plane to Iran, which he is visiting with a business delegation.
Wells Fargo may have gone out if its way to take senior citizens to the cleaners when the bank's workers fraudulently opened as many as 2 million accounts without customers' permission. That's the suspicion of Democratic Sen. Claire McCaskill of Missouri and Republican Sen. Susan Collins of Maine, the top members of the Senate Special Committee on Aging.
Deutsche Bank shares staged a dramatic recovery on Friday afternoon after reports emerged that it could only have to stump up 5.4 billion US dollars , rather than 14 billion US dollars , as part of a US Department of Justice settlement. The German lender's shares had slipped to 9.98 euro at one point, their lowest level since the 1980s, but recovered and were trading 7.5% up at 11.70 euro in afternoon trading.
US futures pointed to negative open on Wall Street as worries about Deutsche Bank and the broader financial sector continued to weigh on investors' minds, although losses looked set to be fairly limited after Thursday's decline. At 1140 BST, Dow Jones Industrial Average and Nasdaq futures were down 0.3%, while S&P 500 futures were 0.2% weaker.
Gold gained on the final day of the quarter as rising investor anxiety over Deutsche Bank AG's finances spurred a selloff in equities and helped to underpin demand for a haven. Bullion for immediate delivery rose 0.5 percent to $1,326.34 an ounce by 11:27 a.m. in London, according to Bloomberg generic pricing.
Wells Fargo chief executive John Stumpf offered more apologies and excuses Thursday during his appearance before the House Financial Services Committee. REUTERS/Gary Cameron For the second time this month, Wells Fargo chief executive John Stumpf was greeted with a barrage of hostile questions from members of Congress, when he testified Thursday before the House Financial Services Committee about the bank's phony-account affair.
"Late Show" host Stephen Colbert on Wednesday detailed the fallout at San Francisco-based bank, Wells Fargo, which accrued $185 million in regulatory fines earlier this month after opening "roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by customers," according to The New York Times . Wells CEO John G. Stumpf testified before the Senate Banking Committee last Tuesday and received an earful from Massachusetts Senator Elizabeth Warren.
Federal Reserve chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest. At a house of representatives financial services committee hearing, Yellen also provided details on the changes the central bank is considering making to the annual stress tests it gives US banks.
Global governments are less likely to come to the rescue of banks than during 2008 financial crisis because the system is more stable, UBS Group AG Chairman Axel Weber said when asked about the prospects of Germany assisting Deutsche Bank AG. "Interventions in the future will only be driven by the need to stabilize the system and there will be no focus on single players," Weber, a former president of Germany's Bundesbank, said in a Bloomberg Television interview with Guy Johnson Wednesday.
The unwanted accounts created by Wells Fargo & Co. employees trying to hit aggressive sale goals have already forced the bank to provide some 100,000 customers with refunds averaging $25 for fees and other expenses.
Britain's HSBC is seeking to release billions of dollars of capital tied up in the United States without upsetting the country's politicians and regulators, senior sources at the bank said. A logo of HSBC is displayed outside a branch in the financial district in Hong Kong, China, June 2, 2015.
Wells Fargo CEO John Stumpf, is sworn in before testifying at a Senate Banking, Housing, and Urban Affairs hearing in Dirksen Building, Sept. 20, 2016, on the company's unauthorized accounts opened under customers' names.
Demonstrating the growing anxiety in Washington about Nicaragua, U.S. House of Representatives issued a scathing rebuke of Nicaraguan President Daniel Ortega's authoritarian push for power. Democrats and Republicans in the lower chamber unanimously supported a call, led by Miami Republican Rep. Ileana Ros-Lehtinen, Wednesday night to restrict the Ortega government's access to loans from international financial institutions unless it accepts international observers and takes others steps to promote democracy.
Facing bipartisan outrage from a Senate panel over accusations of employee misconduct, Well Fargo CEO John Stumpf appeared taken aback by the intensity of the verbal lashing. At a few points, he seemed flustered and stumbled a bit over his words.