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I was working as a senior corporate banker right before I applied to be on "The Bachelorette." Throughout my career in corporate banking, I executed over $150 million in lending transactions. AdvertisementFive years after leaving the corporate world, I'm now worth between $4 and $5 millionTartick in 2023. Charles Sykes/Bravo via Getty ImagesWe just came off a massive book launch for "Talk Money to Me," where we went to eight cities. Jason Tartick's new book "Talk Money to Me" is in stores now.
Persons: , Jason Tartick, podcaster, It's, I'd, guardrails, Tartick, Craig Sjodin, You've, I'm, Becca wasn't, Becca Kufrin, Paul Hebert, — it's, Kaitlyn Bristowe, didn't, Jason, I've, that'll, Charles Sykes, Bravo, we've, Jason Tartick's Organizations: Service, Business, Disney, Entertainment, Getty, Rewire Talent Management Locations: KeyBank, America
LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.
Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank
Which leads me to gently note: Hey, Republican Party, pay attention! You are being herded toward potential financial ruin. One might assume that a presidential nominee who generates as much devotion as Mr. Trump would be a financial boon to his party. With Mr. Trump, everything is about Mr. Trump. ($44.8 million).” While the Republican base may be smitten with Mr. Trump, plenty of big-money donors are skittish about bankrolling his nonsense.
Persons: Donald Trump, barker, aren’t, Trump, MAGA, Biden’s, Axios, “ The Organizations: Republican Party, Congress, “ The Biden, Trump, Republican, Miss Universe
AG Letitia James plans to go after Trump's cash and property if he doesn't pay his civil fraud debt. Is the ball in Letitia James' court? "The burden is on Letitia James to find Trump's assets" and decide what she wants garnished or auctioned, he said. D'Orazio predicts James would first target the cash that Trump and the Trump Organization keep in New York-registered bank accounts. He would then remit $95 million to the Attorney General's Office, and that would go toward paying Trump's judgment.
Persons: Letitia James, , padlocks, Donald Trump's, Trump, James, Bernard D'Orazio, D'Orazio, — James, Mark, we're, doesn't, It's, she'll, Arthur Engoron, Jeff Greenberg, — Trump Organizations: Service, Trump, Trump Plaza, New, Social, Trump —, GOP, AP, Trump Organization, Radio City Music Hall, Forbes, New York, Fire Locations: New York, New York City, Manhattan, New, Westchester County, Trump, Americas
Fears about the health of the real estate market, and a confusing economic landscape, leave commercial banks questioning what comes next. The commercial real estate market is definitely under some pressure because of the rising rate environment. So I think banks are watching all that closely and working closely with regulators. How long do you think commercial real estate woes will weigh on banks? It definitely persists, and it depends on the banks’ weighting of real estate as a percentage of their portfolio.
Persons: New York CNN — It’s, Bell, Chris Giamo, we’ll, They’re, It’s, That’s, Philip Wang, , Xavier Becerra, Julie Su, Eva Rothenberg Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, TD Bank, Sunday, Healthcare, UnitedHealth, CNN, Human Services, Labor Locations: New York, Silicon, United States, Canada
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementRussia's economy appears resilient after two years of war with Ukraine, but a rising number of companies in the country are in trouble. The number of companies in Russia that have gone bankrupt has soared in the first two months of 2024, Russian business daily Kommersant reported on Thursday. In January, 571 companies in Russia declared bankruptcy — a rise of 57% from 364 a year ago, Kommersant reported, citing data from the federal register for bankruptcy. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Kommersant, Business Locations: Russia, Ukraine
The story of Brooksley Born is not only the tale of a remarkable regulator whose Cassandra-like warnings — if heeded — could've prevented the great financial crisis from exploding into raging, ruinous enormity. Not long after she assumed chairmanship of the CFTC, Born started to feel a lingering unease with the rapidly expanding derivatives market. So to Rubin, Born was more of an inconvenience than anything, and she certainly wasn't in his club. Not long after, Treasury officials lobbied Congress to pass legislation preventing the CFTC from being able to regulate the OTC derivatives market. In the months and years that followed, it became increasingly hard to deny that the multi-trillion-dollar OTC derivatives market was the root cause of the great financial crisis.
Persons: Lehman Brothers, jolting, — could've, It's, Potter Stewart, Henry Edgerton, Porter, she'd, Bill Clinton, Clinton, Janet Reno, Brooksley, Michael Greenberger, Born, Gibson, weren't, Robert Rubin, Goldman Sachs, Rubin, Michael Hirsh, Alan Greenspan, Greenspan, Ayn Rand, Hirsh ., Hirsh, Greenspan didn't, braggadocian machismo, lauding Rubin, Lawrence Summers, Arthur Levitt, Josie Cox, Levitt, Summers, Jim Leach, Richard Lugar, , Bethany McLean, Joe Nocera, Bob Rubin, Born's Cassandra, George W, Bush, Lauren Rivera, Christine Lagarde, Lehman, ABRAMS Organizations: Stanford University, Stanford Law School, Stanford, Appeals, District of Columbia Circuit, Arnold, Futures Trading Commission, American, CFTC, Bankers Trust, Procter, Gamble, Sumitomo, Federal Reserve, Fed, Securities and Exchange Commission, Financial Markets, Abrams, Term Capital Management, Enron, SEC, Born, Northwestern's Kellogg School of Management, Financial, International Monetary Fund, Lehman Brothers, Reuters, Street, The Washington Post, Guardian, Abrams Press Locations: California, Vietnam, United States, Washington, America, ABRAMS , New York
Read previewWall Street experienced a big shakeup on Monday when two big banks announced new leaders for their investment-banking units. Citi's hire comes just weeks after JPMorgan promoted Raghavan to the sole head of its deals business, forcing America's biggest bank by assets to regroup. Under Raghavan, JPMorgan rose to No. For the last decade, the 59-year-old has been CEO of the bank's commercial bank, dedicated to corporate lending, including to Silicon Valley startups and real-estate investors. In an internal memo announcing his new role, bank executives said he's "significantly" grown revenue in the region since he took over the region in 2019.
Persons: , Viswas Raghavan, Raghavan, Jamie Dimon, Filippo Gori, Doug Petno, Filippo Gori —, Jane Fraser, Fraser, Merrill Lynch, Andy Sieg, Patrick T, Fallon, Raghavan Raghavan, Doug Petno Petno, Jennifer Piepszak, Troy Rohrbaugh, Piepszak, Marianne Lake, Rohrbaugh, he's, He'll, Sjoerd Leenart, Mary Erdoes, Reed Alexander Organizations: Service, Citigroup, America's, Business, JPMorgan, Citi, Financial Times, Banking & International, Citi Foundation, EMEA, Financial News, JPMorgan's, Corporate Banking Locations: Hong Kong, London, Europe, Africa, Fraser, EMEA, Silicon, Filippo Gori Gori, JPMorgan's Asia, Pacific
LONDON — Barclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender announced an extensive strategic overhaul, boosting its shares more than 8.6% through the day. For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion. Credit impairment charges were £552 million, up from £498 million in the fourth quarter of 2022. The business will now be divided into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. Barclays is targeting total gross cost savings of £2 billion and an RoTE of greater than 12% by 2026.
Persons: C.S, Venkatakrishnan, Mariva Rivas, DBRS Morningstar, Rivas Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, LONDON, Barclays, Reuters, Momentum, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank, CNBC, U.S Locations: Wharf
What are zombie companies? Japan's "zombie" problem has been around for a long time, said William Pesek, author of the book "Japanization: What the World Can Learn from Japan's Lost Decades." Raising the borrowing cost will put these zombie companies at risk of bankruptcy and bailouts, which could have a broader impact on the economy if there are job losses. "But the aid program has led to an increase in the number of 'zombie' companies that would otherwise have been unable to continue operating," the report added. Japan's stock markets have also been testing new highs since 2023, and higher interest rates could halt the bull run.
Persons: Adam Pretty, William Pesek, we've, Pesek, CNBC's Martin Soong, Warren Buffett's, Warren Buffett, Kazuo Ueda, Ueda Organizations: Getty, Bank of Japan, Tide, Asia Times, Japan Times, CNBC, Nikkei Locations: TOKYO, JAPAN, Roppongi Hills, Tokyo, Japan, Asia
GENEVA (AP) — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. UBS said it expects to complete the merger of Credit Suisse by the end of the second quarter this year, and the merger of the two banks’ Swiss operations by the end of the third quarter. For the year, UBS took in $77 billion in new assets across its wealth-management and personal and corporate banking segments. Woes at Credit Suisse — before the UBS merger — and the two U.S. banks unsettled global financial markets in 2023. UBS said revenues jumped 35% to nearly $10.9 billion in the fourth quarter.
Persons: , Sergio Ermotti Organizations: GENEVA, — UBS, Credit Suisse, SIX Group, UBS, U.S . Federal Deposit Insurance Corp, Valley Bank, Signature Bank, Credit Suisse —, Locations: Swiss, Zurich, United States
Donald Trump claimed credit for the stock market's surge to record highs this month. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "THIS IS THE TRUMP STOCK MARKET," Trump said in a Truth Social post on Monday. The benchmark S&P 500, tech-heavy Nasdaq Composite, and venerable Dow Jones Industrial Average have notched record highs in recent days. AdvertisementTrump is presumably aware of the key drivers fueling the stock market's advance, and knows they probably don't include his possible reelection.
Persons: Donald Trump, Trump, Biden, , Joe Biden, you've, Stocks, joblessness, Bob Michele, Ray Dalio, Jamie Dimon Organizations: Service, TRUMP, BIDEN, WIN, Nasdaq, Dow Jones, Reserve
TORONTO (AP) — A Canadian judge has ruled that the government’s use of the Emergencies Act to quell weeks of protests by truckers and others angry over COVID-19 restrictions in 2022 was unreasonable and unconstitutional. In the decision released Tuesday, Federal Court Justice Richard Mosley said the invocation of the Emergencies Act led to the infringement of constitutional rights. Political Cartoons View All 253 Images“I conclude that there was no national emergency justifying the invocation of the Emergencies Act and the decision to do so was therefore unreasonable,” Mosley wrote. Freeland said it was a hard decision to invoke the act but called the protests a serious threat to public safety, national security and Canada's economic security. The protests were first aimed at a COVID-19 vaccine mandate for cross-border truckers.
Persons: Hill, Justin Trudeau’s, Richard Mosley, ” Mosley, Chrystia Freeland, Freeland, Trudeau Organizations: TORONTO, Canadian, Justin Trudeau’s Liberal, Convoy, Police, Federal, Canadian Civil Liberties Association, Ottawa, Canada’s, Rights, Freedoms Locations: Ottawa, U.S, Canada, Coutts , Alberta, Montana, France , New Zealand, Netherlands, Windsor , Ontario, Detroit
For years, Purdue Pharma, the maker of the prescription painkiller OxyContin, had been entangled in lawsuits seeking to hold it to account for its role in the spiraling opioid crisis. A pathbreaking settlement reached last year appeared to signal the end to thousands of those cases, funneling billions of dollars toward fighting the epidemic in exchange for exempting members of the billionaire Sackler family, which once controlled the company, from civil lawsuits. But on Monday, the Supreme Court will hear arguments over whether the agreement is a violation of federal law in a case that could have ramifications not just for Purdue but also for organizations that turn to bankruptcy court, as the company did, to resolve claims of mass injury. “There’s huge implications for all of corporate bankruptcy,” said Anthony J. Casey, a law professor at the University of Chicago. “I think this is probably the most important bankruptcy case before the court in 30, maybe 40 years.”
Persons: Sackler, , , Anthony J, Casey Organizations: Purdue Pharma, Purdue, University of Chicago
A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.
Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid
Jamie Dimon says JPMorgan Chase would exit China if ordered to
  + stars: | 2023-11-29 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
of JPMorgan Chase & Co. Jaime Dimon speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. JPMorgan Chase CEO Jamie Dimon said Wednesday that his bank would exit China if the U.S. government ordered him to. "If the American government makes me leave China, I'm leaving China," Dimon said at the DealBook Summit during a discussion about a potential future conflict over Taiwan. Dimon called relations with China, the world's second largest economy, "a very complicated subject" and said that engagement with both China and the U.S. government was necessary. "I think it's good for an American bank to be there to help multinationals around the world and China with their own development if it makes sense," Dimon said.
Persons: Jaime Dimon, JPMorgan Chase, Jamie Dimon, Dimon, it's, Israel — Organizations: JPMorgan Chase &, New York Times, JPMorgan, U.S ., U.S Locations: New York City, China, U.S, I'm, Taiwan, Ukraine, Israel, American, Mexico, Canada
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Citi's Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its investment bank for the Asia North and Australia and Asia South Cluster, according to the source, who declined to be named as the bank had yet to make the information public. Former Asia corporate head bank Kaleem Rizvi has been appointed as the corporate bank head for Asia North and Australia, while K Balasubramanian was named as head of corporate banking for Asia South, the source added. Gunjan Kalra will continue to lead Citi's commercial banking business for Asia North and Australia and Asia South, according to the source. Citi announced Monday plans to cut management layers from 13 to eight as part of its biggest overhaul in decades.
Persons: Chris Helgren, Jan Metzger, Kaleem Rizvi, Balasubramanian, Gunjan Kalra, Selena Li, Yantoultra, Miral Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Asia, Former, Asia North, Street, Thomson Locations: Toronto , Ontario, Canada, HONG KONG, SINGAPORE, Asia Pacific, Australia, Asia, Former Asia, Hong Kong, Singapore
"Our strategy is very focused on playing to our strengths," she said in an interview at the Reuters NEXT conference in New York. As part of efforts to grow the unit, the Spanish bank is hiring staff from the stricken Credit Suisse. "All we are saying is, in terms of taxes, in terms of transparency, let's have the same," Botin said. "I'd love to compete with Apple as long as we are competing on same terms," she said. Santander is investing in its payments business PagoNxt as one of five key business areas, competing with the likes of Apple Pay.
Persons: Ana Botin, Alessandra Galloni, Brendan McDermid, Botin, Lananh Nguyen, Saeed Azhar, Lawrence White, Mark Porter, Lisa Shumaker Organizations: Banco Santander, Reuters NEXT, Santander, Suisse, Reuters, REUTERS, Apple Inc, Apple, Apple Pay, reuters, Thomson Locations: U.S, New York, Spanish, Santander, New York City , New York
[1/5] Stephan Feldgoise, co-head of global M&A for of Goldman Sachs, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. This has fueled soul-searching among investment bankers about the prospects for their business. "I'm reasonably bullish that this will return, but obviously it will be in fits and starts." "Our (deal pipelines) are at one of the largest levels that you've seen in five-six years. Reporting by Anirban Sen in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
Persons: Stephan Feldgoise, Goldman Sachs, Brendan McDermid, Goldman, Steven Baronoff, Anu Aiyengar, Aiyengar, Anthony Kim, Kim, Michal Katz, Katz, Anirban Sen, Chizu Organizations: REUTERS, Goldman Sachs Group Inc, Reuters NEXT, Federal Reserve, Bank of America, Chevron Corp, Hess Corp, Exxon Mobil Corp, Natural Resources, JPMorgan Chase &, Microsoft Corp, Illumina Inc, Centerview Partners, Greenhill, Co Inc, Thomson Locations: New York City , New York, U.S, East, Ukraine, Americas, United States, New York
GENEVA (AP) — UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse. The Zurich-based bank said underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis. UBS tallied $33 billion in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients. Political Cartoons View All 1234 Images“We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," UBS chief executive Sergio Ermotti said in a statement.
Persons: , Sergio Ermotti, Benjamin Goy, Sharath Kumar, Organizations: GENEVA, — UBS, Credit Suisse, The, UBS, Six Swiss, Deutsche Bank, ” UBS Locations: Swiss, The Zurich, Bern shepherded, Zurich
REUTERS/Bazuki Muhammad/File Photo Acquire Licensing RightsSINGAPORE, Oct 31 (Reuters) - Malaysian bank CIMB (CIMB.KL) and Japanese finance company J Trust (8508.T) are among firms vying to buy Indonesia's PT Bank Commonwealth, a deal that could value the lender at $400-$500 million, two sources with knowledge of the matter said. Bank Commonwealth, which is 99% owned by Australia's biggest lender Commonwealth Bank of Australia (CBA) (CBA.AX), focuses on retail lending as well as corporate banking services for small and medium enterprises. 2 bank, and J Trust have expressed interest and are looking at submitting binding bids, the sources said. CIMB, J Trust, CBA and Morgan Stanley declined to comment. Bank Commonwealth did not respond to a Reuters request seeking comment.
Persons: Bazuki Muhammad, Morgan Stanley, Yantoultra Ngui, Anton Bridge, Kane Wu, Edwina Gibbs Organizations: CIMB, REUTERS, Rights, J Trust, Indonesia's PT Bank Commonwealth, Bank Commonwealth, Australia's, Commonwealth Bank of Australia, CBA, Bank International Indonesia, China's, China's Bank of, SS, Thomson Locations: Kuala Lumpur, Rights SINGAPORE, Malaysian, Indonesia, Southeast, Southeast Asia, China's Bank, China's Bank of Hangzhou, Hangzhou, Singapore, Tokyo
Freeman also worked as a contract lawyer for Jackson Walker after leaving the firm. Jones and Jackson Walker signed off on the arrangement without disclosing the relationship, court papers show. Until then he was the busiest bankruptcy judge in the United States, overseeing the dissolution or restructuring of corporate titans ranging from Neiman Marcus to J.C. Penney. Bankruptcy judges often serve as mediators in complex cases that are being run by other judges. In the GWG bankruptcy, Jackson Walker on Nov. 30 asked the judge overseeing the case to appoint Jones as mediator.
Persons: David Jones, Jones, Jackson Walker, Elizabeth Freeman, Freeman, Neiman Marcus, J.C, Tom Kirkendall, Jackson, Debtwire, Tehum, Bruce Markell, Tom Hals, Dietrich Knauth, Alexia Garamfalvi, Amy Stevens, Grant McCool Organizations: Reuters, REUTERS, Staff, McDermott International, Houston, GWG Holdings, Wall Street, U.S, Circuit, Appeals, U.S . Department of, Tehum Care Services, Corizon, U.S ., Thomson Locations: Houston , Texas, U.S, WILMINGTON , Delaware, Texas, Houston, United States, Penney, GWG, Wilmington , Delaware, New York
Bank SEB's Q3 operating profit jumps 42%, beats expectations
  + stars: | 2023-10-25 | by ( ) www.reuters.com   time to read: +1 min
The Nordic bank SEB group logo is seen outside a branch in central Stockholm, Sweden, July 18, 2023. REUTERS/Tom Little Acquire Licensing RightsSTOCKHOLM, Oct 25 (Reuters) - Swedish bank SEB (SEBa.ST) reported a 42% rise in third-quarter operating profit on Wednesday, topping market expectations, but said the positive effect from higher interest rates had come down compared to previous quarters. Sweden's biggest corporate bank said operating profit was 13.0 billion crowns ($1.17 billion) against a year-ago 9.12 billion, beating a mean forecast of 11.0 billion in an LSEG poll of analysts. Banks have seen their income boosted by higher interest rates as central banks scrambled to bring down stubbornly high inflation. The bank, whose main rivals include Handelsbanken, Swedbank and Nordea, said its net interest income rose to 12.3 billion crowns from 7.7 billion crowns, above the 12.0 billion crowns expected by analysts.
Persons: Tom Little, SEBa.ST, Banks, SEB, Johan Ahlander, Anna Ringstrom, Eileen Soreng Organizations: REUTERS, Rights, Thomson Locations: Stockholm, Sweden, Rights STOCKHOLM, Swedish
[1/2] People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach Acquire Licensing RightsSummaryCompanies Shares up 7%Investment bank revenue declinesRevenue at retail and corporate divisions riseSlightly more optimistic on 2023 revenueForecasts buybacks in 2024, flags greater capital returnFRANKFURT, Oct 25 (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday promised more share buybacks next year and said it may return more capital to shareholders than it had previously envisaged, causing its shares to surge. Revenue from investment banking slumped but grew in the lender's retail and corporate divisions on higher interest rates. Deutsche Bank shares were up 7% in morning Frankfurt trade as analysts cited positive news on potential buybacks and dividends. Though earnings dropped, Deutsche recorded its 13th consecutive profitable quarter, a notable streak after years of hefty losses.
Persons: Kai Pfaffenbach, Deutsche, James von Moltke, Mediobanca, Sewing, JPMorgan's, Tom Sims, Frank Siebelt, Jamie Freed, Jason Neely Organizations: Deutsche, REUTERS, Deutsche Bank, Reuters Graphics Reuters, Reuters Graphics Reuters Graphics Investment, Revenue, Goldman, Barclays, RBC, Thomson Locations: Frankfurt, Germany, FRANKFURT
London CNN —Shares in Deutsche Bank surged nearly 7% Wednesday after it said strong earnings meant it could pay out more cash to shareholders over the next two years than previously anticipated. The bank said it expected to buy back more of its shares — a move which typically juices a company’s stock price — next year. It marks a striking turnaround for the bank following years of scandal, mass layoffs and regulatory fines that have weighed on its reputation, and its stock price. Shares have nearly doubled since hitting a record low in March 2020 but have still cratered 67% over the past decade. The Fed found that Deutsche Bank had made insufficient progress since 2018 to tighten its anti-money laundering controls, among other failures.
Persons: Organizations: London CNN —, Deutsche Bank, DB, , US Federal Reserve Locations:
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