Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Deutsche Bank made a big comeback on Friday, while crude oil added to its recent rally, leading Wall Street to clock substantial gains to end the week. Deutsche Bank made a big comeback on Friday, while crude oil added to its recent rally, leading Wall Street to clock substantial gains to end the week.
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.
A man walks past a branch of The Royal Bank of Scotland in central London, in this file photo. A man walks past a branch of The Royal Bank of Scotland in central London, in this file photo.
Federal Reserve Chair Janet Yellen defended the independence of the U.S. central bank Wednesday, saying it does not play politics in response to charges from Donald Trump that she is manipulating financial markets to benefit President Obama. Trump earlier this month said that the Yellen-led Fed is keeping interest rates low in order to give a boost to the stock market in an effort to make Obama's economic record look good.
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.
He grew up in a lower middle-income household. His parents worked three jobs. In the winter they wore jackets inside because they could not afford to run the heat.
A final settlement in the upper scale will result in pressure on other banks to increase provisions for litigation expenses. The U.S Department of Justice's initial proposed settlement of $14bn for Deutsche Bank's Residential Mortgage Backed Securities misdeeds has sent shock waves through the market with DB's stock spiraling downwards.
Deutsche Bank is using a tailored financial structure to transfer the risk of losses to investors on a pool of corporate loans, according to people with knowledge of the matter. Deutsche Bank , facing investor concerns about its capital adequacy, plans to securitize more than $5.5 billion of corporate loans, in a move that's expected to reduce risks and bolster the lender's financial picture, people with knowledge of the matter said.
Stocks were moderately lower Friday, pushed lower by the price of oil. Investors continue to remain on edge regarding the possibility of the Federal Reserve raising interest rates at their meeting next week.
The U.S.-listed shares of Germany's Deutsche Bank plunged 9 percent Friday after the Department of Justice said the bank should pay $14 billion to settle claims over its handing of mortgage-backed securities. The Standard & Poor's 500 index lost 10 points, or 0.5 percent, to 2,136.
Shares in Deutsche Bank AG plunged Friday after the revelation that the U.S. Department of Justice is seeking $14 billion to settle civil claims over its handing of residential mortgage-backed securities. It's the latest blow for Germany's biggest bank by assets, which is in the middle of a painful transition as it tries to meet tougher regulatory requirements, cut costs and settle multiple legal investigations.
Some might argue that the heyday of the over/under shotgun is a thing of the past, but given recent industry trends, such a statement would be patently untrue. Numerous manufacturers, large and small, have put new over/under scatterguns on dealers' shelves within the past few years.
Because truth in labeling laws are among the laws from which Washington feels exempt, the titles of congressional legislation often take liberties with the facts .
Democratic presidential nominee Hillary Clinton on Thursday revealed more details in her regulatory relief plan for credit unions and other community institutions, including making clear when they are exempt from regulation and cutting down on regulatory "creep." "While Wall Street's reckless risk-taking created a global financial crisis, community banks and credit unions were working to help ordinary Americans and Main Street get ahead," she said.
A U.S. appeals court refused on Monday to reconsider its decision to overturn a $1.27 billion penalty against Bank of America Corp and a jury verdict finding it liable for mortgage fraud leading up to the 2008 financial crisis. The 2nd U.S. Circuit Court of Appeals in New York rejected a petition by Manhattan U.S. Attorney Preet Bharara's office to have a three-judge panel rehear the case and give the government at least an opportunity to seek a new trial.
Quenton Robins watched on Sunday morning as a giant metal claw clamped down on his mother's ruined belongings, snapping wooden cabinets with an audible crack as the operator of a giant mechanized arm slowly cleared a mound of debris from her yard in Baton Rouge. Five feet of water swept through the homes in the quiet Park Forest neighborhood just over a week ago, shocking residents who had been told they did not live in a flood zone.