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Net profit attributable to shareholders was 1.158 billion euros ($1.28 billion). That compared with profit of 1.060 billion euros a year earlier, and was better than analysts' expectations for a profit drop to around 977 million euros. "We have worked hard to achieve this stability," Deutsche Bank Chief Executive Officer Christian Sewing told employees in a memo. Revenue at the investment bank unit fell 19% to 2.7 billion euros in the first quarter from a year earlier. The investment bank's revenue decrease was countered by gains at the corporate bank and retail bank, which saw 35% and 10% increases.

☆ Deutsche Bank plans to cut jobs, shrink board
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File PhotoBERLIN, April 20 (Reuters) - Deutsche Bank (DBKGn.DE) plans to reduce its executive board to nine members from 10 and to cut some jobs in infrastructure and in its private banking business to save costs, a source close to the bank told Reuters on Thursday. Germany's largest bank, which is due to present first-quarter results on April 27, declined to comment on the plans. Deutsche Chief Executive Christian Sewing said in February that he could not rule out job cuts. The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs.

"It cannot be that financial institutions are doing well because they treat their customers badly," Chan-Jae Yoo, a BaFin official, said in an interview. Deutsche Kreditwirtschaft, an umbrella organisation that lobbies for German finance, said German banks are "extremely stable and robust" and confidence remains "high" and "unaffected" by recent turmoil stemming from the collapse of lenders in the United States and Switzerland. "The mere fact that consumers are increasingly asking us and seeking our advice is proof enough that they do not fully trust financial institutions," he said. Protections and rights for customers of financial institutions have come under increased scrutiny from regulators and the German courts. "We want services to establish themselves in the marketplace that meet consumer needs, not feed the financial industry," he said.

☆ German regulator allows SVB to conduct lending business through local branch
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 20 (Reuters) - Silicon Valley Bridge Bank (SVB) (SIVBV.UL) has been granted permission to conduct its lending business through its SVB Germany branch, German financial regulator BaFin said on Monday. BaFin had imposed a moratorium on the German branch of SVB in the wake of the U.S. lender's demise and noted the branch had "no systemic relevance". SVB Germany worked with German companies such as HelloFresh (HFGG.DE) and Lilium (5KD.F). Its total assets stood at 789.2 million euros ($846.26 million) at the end of 2022, according to BaFin. SVB Financial filed for bankruptcy protection on Friday, about a week after Silicon Valley Bank was shut down in the largest U.S. bank failure since the 2008 financial crisis.

☆ Deutsche Bank CEO paid 8.9 million euros in 2022
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 17 (Reuters) - Deutsche Bank (DBKGn.DE) paid Chief Executive Christian Sewing 8.9 million euros ($9.49 million) in 2022, up slightly from 8.8 million euros a year earlier, the bank disclosed on Friday, rewarding him for a third consecutive year of profit and hitting key milestones in the lender's restructuring. The bonus pool for the entire bank was 2.1 billion euros, basically flat from a year earlier. Sewing led the bank through a 9-billion-euro, four-year turnaround plan for what is one of the world's most systemically important banks after years of losses. For 2023, the bank forecast a slight increase in revenues to between 28 billion euros and 29 billion euros, according to its annual report on Friday. At the investment bank, revenues will be flat, it forecast.

[1/2] The Credit Suisse logo adorns a sign at the entrance to their campus in Research Triangle Park in Morrisville, North Carolina, U.S., March 15, 2023. In its statement early Thursday, Credit Suisse said it is exercising its option to borrow from the Swiss National Bank up to 50 billion Swiss francs ($54 billion). They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. The U.S. Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said.

☆ German corporate treasurers urged not to underestimate the current situation
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 16 (Reuters) - German corporate treasuers were urged by an industry association on Thursday not to "underestimate the current situation" as cracks in the global banking system emerge. The warning came in a blog post on Thursday from the Association of German Treasurers entitled "SVB collapse not without consequences for treasurers" asking whether this was a "Lehman 2.0" moment. "Nevertheless, treasurers should not underestimate the current situation, even if they themselves are not directly or indirectly affected by the collapse of the three U.S. banks," the association wrote. It cited a reserch report from the bank LBBW saying that a flight to quality could weaken smaller and medium-sized banks. Reporting by Tom Sims and Marta Orosz Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

March 15 (Reuters) - Swiss regulators pledged a liquidity lifeline to Credit Suisse (CSGN.S) in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. Hoping to quell concerns, FINMA and the Swiss central bank said there were no indications of a direct risk of contagion for Swiss institutions from U.S. banking market turmoil. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022.

March 15 (Reuters) - Swiss regulators said Credit Suisse (CSGN.S) can access liquidity from the central bank if needed, racing to assuage fears around the lender after it led a rout in European bank shares on Wednesday. The U.S. Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts about it, a Treasury spokesperson said. They slid again as a crisis of confidence gripped Credit Suisse on Wednesday after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

Two supervisory sources told Reuters that the European Central Bank (ECB) had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. Credit Suisse had appealed to the Swiss National Bank and Swiss financial watchdog FINMA for a public show of support, the Financial Times reported. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

The drop in Credit Suisse shares led a 7% fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constrains. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said it has benefited from market turmoil and seen money inflows.

☆ Germany imposes moratorium on German SVB branch
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, March 13 (Reuters) - Germany's financial regulator BaFin on Monday said it was imposing a moratorium on the German branch of Silicon Valley Bank in the wake of its demise and noted the branch has "no systemic relevance". The bank opened a small branch in 2018 after it won a license to lend. SVB's Frankfurt branch had assets of 789 million euros ($841.86 million) at the end of last year, according to BaFin. Officials at SVB in Frankfurt have not responded to requests for comment. ($1 = 0.9372 euros)Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Commerzbank makes DAX comeback
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 27 (Reuters) - Germany's Commerzbank (CBKG.DE) rejoined the DAX index on Monday, marking a comeback for Germany's No. "We have come to stay," Commerzbank CEO Manfred Knof said before ringing the opening bell at the Frankfurt stock exchange. "The return of Commerzbank is a good signal for the German banking market." Following Wirecard's demise, Deutsche Boerse AG, which compiles the DAX index, revamped it to include 40 companies, rather than the previous 30, and made membership criteria tougher. Other members include Siemens AG, Volkswagen AG, and Allianz SE.

The bank said it would aim for a 2023 result that is "well above" 2022, helped by higher interest rates, despite "another demanding year in view of the challenging environment". Reuters GraphicsNet profit of 472 million euros ($505.3 million) in the quarter was higher than 421 million euros a year earlier. It was well above average analyst expectations of 350 million euros, according to a consensus forecast published by Commerzbank. For the full year, Commerzbank generated net profit of 1.435 billion euros, up from 430 million euros a year earlier, and better than expectations for around 1.359 billion. Commerzbank forecast net interest income "well above" 6.5 billion euros for 2023, "with clear additional upside potential".

☆ Deutsche Bank Q4 surges in 3rd year of annual profit
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Feb 2 (Reuters) - Deutsche Bank's (DBKGn.DE) fourth-quarter profit surged, exceeding expectations and contributing to a third consecutive year of profit that was helped by higher interest rates and buoyant trading but damped by a slump in dealmaking that has shaken the industry. Net profit attributable to shareholders was 1.803 billion euros ($1.99 billion) in the three months ending Dec. 31, figures published on Thursday showed. That compares with a profit of 145 million euros a year earlier, and it is better than analyst expectations for a profit of around 951 million euros. ($1 = 0.9074 euros)Reporting by Tom Sims and Marta Orosz Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Perella Weinberg puts employee in insider trading probe on leave -sources
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Jan 27 (Reuters) - The advisory firm Perella Weinberg Partners (PWP.O) has placed an employee who is being investigated as part of an insider trading probe in Germany on leave, two people with knowledge of the matter told Reuters on Friday. On Thursday, German authorities said they were investigating five suspects, including one who was in custody, for allegedly profiting on upcoming M&A transactions between 2017 and 2021. Perella said in a statement: "The firm is assisting in an investigation by German law enforcement authorities. The firm is not the subject of the investigation, and there is no suggestion of wrongdoing on the part of the firm." The Perella employee is based in London, the two people said, speaking on condition of anonymity.

☆ BNP Paribas Frankfurt office searched in cum-ex probe
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 25 (Reuters) - BNP Paribas said on Wednesday that prosecutors were searching its Frankfurt premises as part of an long-running investigation into a multibillion-euro tax fraud scheme known as "cum-ex" and that it was cooperating fully. German prosecutors said they have been conducting a search at a banking institution in Frankfurt since Tuesday in relation to cum-ex, without naming the bank. Around 130 police officers, public prosecutors and tax investigators are involved, they said. The scandal has blighted German political and financial circles, with lawmakers claiming it has cost taxpayers billions of euros. Government officials say the investigation involves some 100 banks on four continents and at least 1,000 suspects.

☆ Santander lagging behind on inflation payment for German bank staff
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 20 (Reuters) - Spain's Santander (SAN.MC) is the only major bank operating in Germany that has not announced a special payment to local staff to help them with soaring inflation, union officials told Reuters, although the bank said talks were ongoing. Last year, German union Verdi called on banks to give some of their lowest-earning workers a special payment to help them combat higher energy prices. "Santander is the big exception among public and private banks," said Stefan Wittmann, a Verdi official negotiating on behalf of Santander employees. On Friday, Santander and union officials agreed to take up the issue at a meeting next week, but Santander hasn't made a binding offer, Wittmann said. Santander said it was in talks with Verdi on amending its collective wage agreement, and the inflation demands came up in talks late last year.

Deutsche Bank declined to comment. The person did not give details of the size of the overall bonus pool for the whole of Deutsche Bank, which also includes retail, corporate and asset management divisions. Deutche's investment bank is expected to report 3.7 billion euros in pretax profit for 2022, roughly flat versus 2021, based on a consensus forecast of analysts. Reuters GraphicsDeutsche has been heavily reliant on its volatile investment bank for its return to profitability, but is hoping to depend instead on more stable businesses that serve companies and retail customers. The Financial Times first reported the Deutsche investment bank bonus decline.

☆ Germany's Commerzbank sues EY for Wirecard losses
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

[1/3] A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski/File PhotoFRANKFURT, Jan 19 (Reuters) - The German lender Commerzbank (CBKG.DE) is suing accounting firm EY over the 200 million euros ($216.12 million) in losses that it incurred in the collapse of Wirecard, a bank spokesperson said on Thursday. EY was for years the firm that audited and certified Wirecard's books even as journalists and investors raised questions about its finances. The Commerzbank spokesperson said the case had been filed in Frankfurt court in recent weeks. An EY spokesperson said "claims against EY for damages do not hold up".

☆ German online bank N26 to expand crypto trading
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Jan 17 (Reuters) - German online bank N26 said on Tuesday that it would expand the list of countries where its customers may trade cryptocurrencies to include those in Germany and Switzerland. In addition, N26 said it would provide the service for customers in Belgium, Portugal and Ireland. Last year, N26 began offering crypto trading for some customers in Austria only, in its first foray into the asset class. N26 said it would roll out the expanded trading gradually over the coming weeks. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ German finance regulator warns of 'Godfather' malware attacks
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Jan 9 (Reuters) - German finance regulator BaFin on Monday warned consumers that the malware known as "Godfather," which records user input, has been attacking 400 banking and cryptocurrency apps, including some in Germany. BaFin said that it was unclear how the malware infected consumers' devices. The malware displays fake websites of regular apps that can collect user login details and transmit them to cyber criminals, BaFin said. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Wirecard witness admits guilt but pins German fraud blame on ex-CEO
▼ + stars: | 2022-12-19 | by ( Christina Amann | ) www.reuters.com time to read: +3 min

Oliver Bellenhaus, who was head of Wirecard's subsidiary in Dubai, became a key witness in the case after turning himself in to German authorities in 2020. They face charges including fraud and market manipulation and if convicted could be jailed for up to 15 years. Florian Eder, a lawyer for Bellenhaus, told Reuters that the cooperation of his client should result in a "very significant reduction" in his sentence. It was a swindle from the beginning," Bellenhaus told the court, saying he deeply regretted his involvement and the damage it caused. But Bellenhaus told the court on Monday it was "blind loyalty" to Braun, whom he described as an "absolutist CEO", that had landed him in court in Munich.

Higher interest rates are fattening profits from regular banking, while there has been a decline in M&A deals. In both those years, the investment bank made close to 40% of revenue and more than 75% of pre-tax profit. The bank's corporate and retail businesses, meanwhile, stagnated under ultra-low interest rates that lasted longer than expected. Deutsche Bank is under scrutiny for its controls to prevent money laundering, said a person with direct knowledge of the matter. Deutsche Bank has also been under pressure from regulators to rein in its leveraged finance business, where credit is extended to already indebted borrowers.

☆ UK watchdog narrows dividend-stripping investigation
▼ + stars: | 2022-12-15 | by ( Kirstin Ridley | ) www.reuters.com time to read: +6 min

A German court this week sentenced tax lawyer Hanno Berger, alleged to have masterminded one of the country's biggest post-war frauds, to eight years in jail. It is the highest-profile prosecution and longest sentence to date in a series of trials that have also convicted British bankers. Although Britain was not impacted by cum-ex trading, much of the structuring and organising of the scheme took place in London, according to lawyers and authorities, some of whom turned to the country for help unpicking what had happened. It does not have the power to investigate tax fraud, but can investigate civil and criminal market abuse. One warning notice was sent in June 2020 to an unnamed former chief executive, according to a 2021 High Court judgment.

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