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Three stocks — Liberty Broadband , U.K.'s BT Group and JD Sports Fashion — have risen by double-digit percentages this year. Liberty Broadband Liberty Broadband is a telecommunication holding company that has an ownership interest in Charter Communications, the second-largest cable operator in the United States. The consensus price target of analysts polled by FactSet points to a 55% upside potential for Liberty Broadband shares from the current share price of $82. Deutsche Bank views Liberty Broadband as an attractive way to invest in Charter, estimating it trades at a 32% discount to net asset value (NAV). BT.A-GB YTD line Their price target of 220 pence implies an additional 79% share price increase over the next year from the current share price of 123 pence.
Persons: FactSet, Bryan Kraft, Benjamin Soff, Morgan Stanley, Openreach, Terence Tsui, Kate Calvert, Calvert, JD, Michael Bloom Organizations: Liberty Broadband, BT Group, JD, Wall, CNBC Pro, CNBC Pro Stock, Liberty Broadband Liberty Broadband, Charter Communications, Deutsche Bank, CHTR, BT, JD Sports, North America, Dick's Sporting Goods Locations: United States, Alaska, U.K, BT.A, Europe, North, Derby, Heerlen, Netherlands, U.S
The stock tumbled despite the long-awaited release of the first trailer for Grand Theft Auto VI. The video game is set to come out in 2025, meaning it'll have little to no impact on Take-Two's earnings next year. AdvertisementTake-Two Interactive's stock price tumbled in premarket trading Tuesday after the first trailer for "Grand Theft Auto VI" revealed that the hotly-anticipated title won't be released until 2025. AdvertisementPrevious title "Grand Theft Auto V" is one of the highest-selling video games of all time, having shipped around 190 million copies worldwide and netted Take-Two roughly $8 billion worth of revenue. Rockstar's 90-second video also confirmed that the game will take place in Vice City, the Grand Theft Auto universe's equivalent of Miami, and feature both a male and a female protagonist, as previously reported by Bloomberg News' Jason Schreier.
Persons: , what's, Jason Schreier Organizations: Service, Rockstar Games, VI, YouTube, Twitter, Deutsche Bank, Bloomberg News Locations: Vice City, Miami
Central bank blunders undermine tough rate talk
  + stars: | 2023-12-05 | by ( Francesco Guerrera | )   time to read: +8 min
Comments by central bankers underline their desire to keep interest rates high until price growth quiesces. Policymakers’ recent mistakes mean they will struggle to convince investors their tough talk is real. U.S. Federal Reserve Chair Jay Powell says his fellow policymakers are “not thinking about rate cuts at all”. In May, after another U.S. regional bank failure, markets concluded that the Fed’s rate hike at the beginning of that month would be its last. Respected central bankers might be able to convince markets that these numbers don’t portend imminent rate cuts.
Persons: Jay Powell, Christine Lagarde, Andrew Bailey, Powell, backtrack, , Lagarde, Treasuries, BoE, Bailey, Ben Bernanke, Jacob Frenkel, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Traders, U.S . Federal, European Central Bank, Bank of England, titans, Deutsche Bank, Treasury, Reuters Graphics Reuters, LSEG, Silicon Valley Bank, Fed, ECB, Bank of Israel, Federal Reserve, European, Thomson Locations: Silicon, Bailey, United States, Ukraine, Central
William Cahill, 30William Cahill, an associate director at Aventuur. AventuurCahill was on a rowing trip on the Zambezi River in Zambia surrounded by crocodiles and hippos when he met his future boss. Cahill followed suit, leaving behind a job touching on mergers and acquisitions and data and analytics at the management-consulting firm L.E.K. Aventuur's parks allow paying customers to surf in wave pools with artificial beachfronts dotted by amenities such as restaurants and beach clubs. The systems Cahill creates make him indispensable to the growing recreational-real-estate sector.
Persons: William Cahill, Aventuur Cahill, Nicholas Edelman regaled, Cahill, Aventuur, — Zoe Rosenberg Organizations: Deutsche Bank, L.E.K, Consulting Locations: Zambia, London, Australia, New Zealand, North America, Dallas, Phoenix, Las Vegas, Jacksonville , Florida, Los Angeles, South Africa
Wells Fargo downgrades Lululemon to equal weight from overweight Wells said in its downgrade of the stock that it sees less balanced risk/reward. Morgan Stanley downgrades Sea Limited to equal weight from overweight Morgan Stanley downgraded the Singapore-based tech conglomerate until its business outlook is clearer. Morgan Stanley upgrades Insulet to overweight from equal weight Morgan Stanley initiated the insulin pump therapy company and said it sees room for further gains. Wells Fargo reiterates Nike as overweight Wells says Nike is a top defensive pick for 2024. Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said Palo Alto shares have the poten tial to rise further.
Persons: Morgan Stanley, Mizuho, Wells, LULU, Roth, Evercore, Piper Sandler, Piper, NVDA, Goldman Sachs, Goldman, it's bullish, KeyBanc, Worthington Enterprises –, TD Cowen, Coinbase, underperform TD Cowen, Oppenheimer, Uber, Truist, Herc, Palo Organizations: West Bancorp, Bank of America, Union Pacific, US Bancorp, Motors, Mizuho, GM, UAW, UBS, Apple, Deutsche Bank downgrades Anheuser Busch InBev, Deutsche, Deutsche Bank, Airlines, Alaska, " Bank of America, Google, Walmart, Nvidia, AMD, European Partners, Coke, JPMorgan, of America, Magellan, MMP, Arrowhead Pharmaceuticals, Arrowhead Pharma, Worthington Steel, Worthington Industries, Worthington Enterprises, Barclays, Resources, Herc Holdings, United Rentals, Nike, Palo Alto, Palo Locations: China, Singapore, Indonesia
So far this morning there is a big auto stock upgrade and a big beverage downgrade, among other calls. Morgan Stanley dimmed its view on Citizens Financial , downgrading the stock to equal weight from overweight but maintained its $31 per share price target, implying roughly 9% upside. The firm made the chipmaker its top large cap pick on Monday, and reiterated an overweight rating alongside a $620 per share price target. The analyst raised his price target from $25 to $40, which represents 14% upside. "We continue to see ABI's broadly EM focused sales exposure as attractive combined with the company's market leading market share positions," analyst Mitch Collett said.
Persons: Morgan Stanley, Manan, Brian Evans, Piper Sandler, Piper Sandler's, Harsh Kumar, Kumar, Wells, Ike Boruchow, Boruchow, — Brian Evans, JPMorgan's Rajat Gupta, Carvana, John Melloy, Bud Light, Mitch Collett, Vijay Rakesh, Rakesh Organizations: CNBC, East West Bancorp, Citizens Financial, Citizens, West Bancorp, Nvidia, TAM, Wells, JPMorgan Carvan, JPMorgan, Deutsche Bank downgrades Anheuser, Busch, Deutsche Bank, Anheuser, Busch InBev, Staples, Beverages, Mizuho Securities Mizuho Securities, General, United Auto Workers, GM, Vehicles, UAW Locations: China, Wells, Friday's, North America, N.A
The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBERLIN, Dec 4 (Reuters) - Deutsche Bank's supervisory board has tasked its auditor EY with reviewing the Postbank IT integration, which has caused numerous customer complaints due to disruptions, Handelsblatt reported on Monday. The result could result in cuts to bonuses, the newspaper said, citing people familiar with the matter. A Deutsche Bank spokesperson declined to comment on the story. Reporting by Kirsti Knolle; Editing by Linda Pasquini and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
Persons: Yves Herman, Handelsblatt, Kirsti Knolle, Linda Pasquini, Jan Harvey Organizations: Deutsche Bank, REUTERS, Rights, Deutsche, Thomson Locations: Brussels, Belgium
That's a far-cry from where many Wall Street pros thought stocks would end the year. Others, like analysts at Bank of America, BMO, and Deutsche Bank believe the market could roar to new all-time highs . Rather than try to guess where the market is heading next, investors would be better off finding high-quality stocks to invest in for the long run. Thankfully, Morningstar's Margaret Giles recently compiled a list of the stocks to buy now, drawn from analysts' larger collection of the best companies to own. These stocks have "predictable cash flows and are run by management teams that have a history of making smart capital-allocation decisions," she wrote.
Persons: Taylor Swift, JP Morgan, Morningstar's Margaret Giles Organizations: Business, JP, Bank of America, BMO, Deutsche Bank
In the final run-up to the late-July peak in stocks this column surveyed the rally , and asked, "Enough for now? .SPX YTD line The S & P 500's year-to-date performance Yes, the market is overbought by various technical measures. Meanwhile, Wells Fargo and Barclays are seeing the S & P 500 as dead money next year, at best. The virtues of owning the S & P 500 passively have always been low cost, tax efficiency, low turnover and broad exposure to the asset class. While 2021 was a Nasdaq 100 melt-up year, 2022 was the mirror image: Big Tech got blasted and the equal-weight S & P 500 held up better.
Persons: Goldman Sachs, Morgan Stanley, Wells, Jack Bogle, Alan Greenspan's Organizations: Federal, Deutsche, Deutsche Bank and Bank of America, Barclays, Hamas, Nasdaq, Nvidia, Meta, Apple, Microsoft, Big Tech, matchless, Treasury Locations: Wells Fargo, Israel
After a year of steady, resilient growth, the US economy will finally slip into a recession in 2024. Deutsche Bank is also calling for double-digit profit growth in a weaker economic backdrop. "For 2024, the house economics view with a mild short US recession implies $250 (+10%)," Chadha wrote in reference to S&P 500 earnings. Deutsche Bank also foresees earnings growth next year. "We remain overweight the financials as well as consumer cyclicals as they are already priced for a recession and the biggest beneficiary of an eventual recovery," Chadha wrote.
Persons: That's, , Chris Grisanti, Brian Belski, Chadha, Belski, Financials, BMO's Organizations: Wall, Business, BMO Capital Markets, Deutsche Bank, MAI Capital Management, CNBC, BMO, Deutsche, Labor, Investors, Tech Locations: Chadha
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
Forex swings will upend lucrative yen carry trade
  + stars: | 2023-12-01 | by ( Francesco Guerrera | )   time to read: +3 min
But as central banks start moving in the opposite direction, those “carry trades” will become a lot riskier. Notably those who bet against its government bonds in a trade so bad it became known as the “widow maker”. Foreign exchange traders beg to differ: the carry trade has been a sure-fire money maker this year. That’s due to the huge gap in short-term interest rates between Japan, where they are -0.1%, and other countries. Reuters GraphicsThe most popular carry trade with yen has been into U.S. dollars .
Persons: , , Una Galani, Thomas Shum Organizations: Reuters, Federal Reserve, Deutsche Bank, LSEG, Bank of America, U.S, Thomson Locations: HONG KONG, Japan, Colombia, Mexico, Brazil, Ukraine
The stock market is boring right now, and that is not a bad thing. There's a strong backdrop going into December. The S & P 500 was up 8.9%, its best month since July 2022, and the fourth-best November since 1950. If it doesn't seem that way, it's because the S & P has been flat for the past week and a half. There will be lots of complaints about high valuations, and the cynics will be right: The S & P is approaching 19-times 2024 earnings.
Persons: Goldman Sachs, Morgan Stanley, let's Organizations: Triple Witching, Treasury, Atlanta, Wall Street, Deutsche Bank, BMO Capital Markets, Capital Markets, Bank of America, Barclays, Goldman, UBS Global Wealth, Wells, Wells Fargo Securities, JPMorgan, Dow, Revenue Locations: Wells Fargo
Shares of OneSavings Bank , a U.K. lender focusing on landlords, are set to see its share price double from current levels, according to analysts at Jefferies. The lender's stock has already risen by 30% over the past month after it revealed a rapidly growing loan book. U.K. shares are generally priced in pence, with 100 pence equal to one British pound ($1.27). The investment bank believes the market is undervaluing OSB's stock due to the negative perception surrounding the U.K. economy and stock market. They are also bullish on the stock with a 720-pence-per-share price target, giving the stock a 90% upside potential.
Persons: Jefferies, Julian Roberts, James Hamilton Organizations: OneSavings Bank, Jefferies, Kent Reliance, Numis Securities, Deutsche Bank Locations: U.K, England, Kent
Doubts that debt issuance conditions will be as strong in 2024 as they are now, with markets still divided on the direction of interest rates and the economy, have also driven the interest in doing deals now. Credit spreads are underpricing recession risk, said Nate Thooft, senior portfolio manager for Manulife Investment Management. Even if companies waited for rate cuts in 2024, declines in all-in funding costs may not necessarily follow, as credit spreads could then widen, said Amol Dhargalkar, managing partner at Chatham Financial. But Natalie Trevithick, head of investment grade credit strategy at Payden & Rygel, said economic data was too strong for cuts. Some $770 billion of investment-grade rated bonds mature in 2024 and over $900 billion in both 2025 and 2026, according to data by Morgan Stanley (MS.N).
Persons: Joshua Roberts, Maureen O'Connor, Edward Marrinan, Nate Thooft, Amol Dhargalkar, Natalie Trevithick, Morgan Stanley, Steven Oh, Matt Tracy, Shankar Ramakrishnan, Davide Barbuscia, Barbara Lewis Organizations: Federal Reserve, REUTERS, ICE, BMO Capital Markets, Investment, Informa Global, Treasury, Federal, Nikko Securities America, Manulife Investment Management, Chatham Financial, Deutsche Bank, PineBridge Investments, Thomson Locations: Washington , U.S, Wells, U.S
Former President Donald Trump testified in the civil fraud trial in Manhattan earlier this month. Photo: Eduardo Munoz Alvarez/Associated PressThe former Deutsche Bank executive who recruited Donald Trump as a client testified Wednesday that the bank’s dealings with the former president were lucrative and her superiors were eager to expand them. Rosemary Vrablic , a former relationship manager with the bank’s private-wealth-management division, is one of several witnesses from Deutsche Bank being called to the stand this week by Trump’s lawyers as they seek to rebut allegations by the New York attorney general that Trump committed civil fraud by overstating his wealth for financial gain.
Persons: Donald Trump, Eduardo Munoz Alvarez, Rosemary Vrablic, Trump Organizations: Associated Press, Deutsche Bank, New Locations: Manhattan, New York
For much of this year central banks have successfully pushed back against rate cut bets. "I believe the Fed will act rationally and begin to cut rates by the end of next year, but we can't rule out the scenario that the Fed is not going to cut rates and just let the ramifications of recession do what they do." Reuters GraphicsSHIFT NEARINGMarkets now fully price in a 25 basis point U.S. rate cut in May, having seen a 65% chance earlier this week. "There are now committee members in all three (banks) willing to talk about rate cuts next year," said Chris Jeffery, head of rates and inflation strategy at LGIM. "The ECB should begin to ease policy as soon as April 2024, with risks that a more sinister downturn in growth could warrant a rate cut as soon as March," he said.
Persons: Jonathan Ernst, ramping, It's, Nate Thooft, Goldman, Christopher Waller, Huw Pill, Yannis Stournaras, Chris Jeffery, we'd, Dario Perkins, Simon Harvey, Yoruk, Naomi Rovnick, Harry Roberston, Davide Barbuscia, Ira Iosebasvili, Saqib Iqbal Ahmed, Dhara Ranasinghe, Catherine Evans Organizations: . Federal, REUTERS, ECB, U.S . Federal Reserve, European Central Bank, Manulife Investment Management, Treasury, Graphics, Bank of England, Deutsche, Lombard, Traders, Yoruk Bahceli, Thomson Locations: Washington, United States, Europe, Goldman Sachs, Greek, Amsterdam, London
Investors who held a balanced portfolio and just let it ride through November are about to be handsomely rewarded: The 60/40 portfolio is cruising to its best month in three years. That's just short of the 7.5% advance in November 2020, when progress on Covid vaccines heralded an economic reopening. AOR YTD line YTD performance for iShares Core Growth Allocation ETF (AOR) First, bond yields cooled substantially in November. Bond yields decline when bond prices rise, so cooling rates have lifted prices for fixed income allocations. A recovery in both asset classes has since lifted the AOR to a total return of 10.8% for 2023, showing that staying the course can pay off.
Persons: That's, Henry Allen, they've, — CNBC's Michael Bloom Organizations: Federal Reserve, Deutsche Bank, Fed, ECB Locations: Wednesday's
Jefferies upgrades Pinterest and Snap to buy from hold Jefferies sees growth upside in 2024 for both stocks. " Wolfe upgrades Ally Financial to outperform from peer perform Wolfe said in its upgrade of the financial company that it's well-positioned. "In an environment where the probability of a mild recession or soft landing both appear plausible, we believe ALLY is well positioned to outperform in either scenario and upgrade shares to Outperform." "We continue to believe that Salesforce is on track to become the next quality [growth at a reasonable price] stock." Goldman Sachs reiterates Snowflake as buy Goldman Sachs stood by its buy rating on Snowflake after earnings on Wednesday.
Persons: Berenberg, Eli Lilly, Lilly, Wells, BTIG, Jefferies, Bernstein, Burger, Wolfe, TD Cowen downgrades Okta, Cowen, Stifel, Raymond James, Morgan Stanley, Bilibili, BILI, Baird, Pat Shanahan, Wells Fargo, Salesforce, Goldman Sachs, Snowflake, DUK Organizations: pharma, Nvidia, NVIDIA, Jefferies, SNAP, BK, UBS, Service Corporation, Deutsche Bank, Lattice Semiconductor, Apple, JPMorgan, Nokia, Infineon, Watch, Hewlett Packard Enterprise, Barclays, GE Healthcare, Airbus, Bank of America, Duke Energy, HSBC, Molson Coors Locations: FTCH, North America, China
The French bank also did not comment on plans to end its research partnership with Morningstar after more than four years. The expansion of the equities business by BNP comes as its Wall Street peers have reduced investment banking headcount this year amid sluggish trading and dealmaking activities. In Asia, BNP competes with large Western banks including Morgan Stanley (MS.N), Goldman Sachs (GS.N), JPMorgan (JPM.N) and UBS (UBSG.S), as well as a host of local investment banks in the cash equities business. One of the sources said BNP could boost its Asia equities headcount by as much as 20 over the next year. The bulk of BNP's in-house equities research team, mainly in Hong Kong and Singapore, departed as a result of that deal.
Persons: Dado Ruvic, Morningstar, Jean, Laurent Bonnafe, Morgan Stanley, Goldman Sachs, Jason Yates, BNP's, William Bratton, Exane, Bratton, " Yates, Selena Li, Sumeet Chatterjee, Jamie Freed Organizations: BNP, Bank, REUTERS, Morningstar, Deutsche, JPMorgan, UBS, Thomson Locations: HONG KONG, Asia, Asia Pacific, Europe, U.S, Russia, Ukraine, Pacific, BNP's, Hong Kong, Singapore, China, South Korea, India
A Salesforce sign is seen during the company's annual Dreamforce event, in San Francisco, California November 18, 2013. REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsNEW YORK, Nov 30 (Reuters) - Salesforce Inc's (CRM.N) stock jumped by about 10% on Thursday to a nearly two-year high after the U.S. cloud and business software company reported stellar third quarter results underpinned by strong demand for its services. Salesforce's revenue of $8.72 billion and adjusted profit of $2.11 per share beat Wall Street expectations, the company reported after the closing bell on Wednesday. Reuters GraphicsMultiple analysts, including from Morgan Stanley, Evercore, Wells Fargo, and Deutsche Bank, raised their price target for Salesforce's shares following the results. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.
Persons: Robert Galbraith, Morgan Stanley, Brad Sills, Chibuike Oguh, Lance Tupper, Nick Zieminski Organizations: REUTERS, Reuters Graphics, Deutsche Bank, Global Research, Thomson Locations: San Francisco , California, U.S, Evercore, Wells Fargo, Salesforce, New York
We are closing out an extraordinary month: The S & P 500 is up nearly 9%, its fourth-best month in 12 years. The equal weight S & P 500 is up almost as much as the market-cap weighted S & P 500. Of the 10 major financial firms, only two (Morgan Stanley and JP Morgan) see the S & P 500 lower next year. Wall Street strategists' year-end S & P 500 estimates . That puts the S & P 500 at a very rich multiple of almost 19 times forward earnings (17x is the historic norm).
Persons: Russell, Morgan Stanley, JP Morgan, Goldman Sachs, Morgan, bullish, Brian Belski, Scott Wren, Wren, That's, JP Morgan's, Dubravko Organizations: Wall, Deutsche Bank, BMO Capital Markets, Capital Markets, Bank of America, Barclays, Goldman, UBS Global Wealth, Wells, Wells Fargo Securities, Treasury, Core PCE, Wells Fargo Institute, CNBC Locations: Wells Fargo, Atlanta
Analysts on Wall Street think Five Below is the retail stock investors should be buying as the holiday shopping season picks up steam. The report underpins a broader bullish trend for the retailer, analysts say, which is a more cost-sensitive consumer who is partial toward bargain hunting. Analyst Jason Haas noted the popularity of Five Below could improve further as shoppers gear up for the Christmas holiday. FIVE becomes most needs-based during the holiday season and the rollout of Five Beyond (products $6-25) better positions it in the gift-giving category." "All in, we think FIVE is well positioned to outperform in the current environment and will gain share behind several catalysts (e.g.
Persons: Jason Haas, Haas, Krisztina Katai, Katai, Morgan Stanley's Simeon Gutman, Gutman, — CNBC's Michael Bloom Organizations: LSEG, Bank of America, Deutsche Bank
Rates futures markets are showing cuts being priced as early as May 2024, according to LSEG data. The prospects for rate cuts received a boost on Tuesday after Fed Governor Christopher Waller, deemed a hawk, hinted at lower interest rates in the months ahead if inflation continued to ease. Deutsche Bank economists on Monday projected 175 basis points in Fed rate cuts in 2024, but said that those cuts would come with a mild recession in the first half of next year. “Absent rapid Fed easing, we expect a more challenging macro backdrop for stocks next year,” they wrote in a Wednesday report. Others said investors may be overestimating how quickly the Fed might react to signs of slowing inflation.
Persons: Carlo Allegri, Jack Ablin, ” Ablin, Christopher Waller, , Jake Schurmeier, Schurmeier, Thomas Barkin, Charlie McElligott, Michael Green, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: REUTERS, Federal Reserve, Treasury, Cresset, Gross, Harbor, Reuters, Richmond Fed, Nomura Securities, Deutsche Bank, JPMorgan, Management, Thomson Locations: Manhattan, New York City , New York, U.S, stoke, Carolina, New York
Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. REUTERS/Selena Li/File Photo Acquire Licensing RightsLONDON, Nov 29 (Reuters) - The European Union should consider scrapping a cap on banker bonuses to remain competitive with other financial centres, Deutsche Bank CEO Christian Sewing said on Wednesday. Sewing told a Financial Times event in London that the bloc should take account of other jurisdictions that are ditching similar caps - including Britain - and consider replicating the reform, providing it did not revive a culture of excessive risk taking. Reporting by Iain Withers, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.
Persons: Selena Li, Deutsche Bank CEO Christian Sewing, Iain Withers, Sinead Cruise Organizations: Deutsche Bank, Reuters, REUTERS, European, Deutsche Bank CEO Christian, Financial, Thomson Locations: Hong Kong, China, European Union, London, Britain
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