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☆ Deutsche Bank's DWS plans divestments and special dividend
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

The fund manager also said it would propose a dividend of up to 1 billion euros ($1.04 billion) in 2024. "We are committed to self-funding our changes by reallocating financial resources freed up by divestments, delayering and cost initiatives," he said in a statement. As new targets, DWS is aiming for earnings per share of 4.50 euros by 2025 and an adjusted cost-to-income ratio of below 59%. That compares with 2021, which was a particularly strong year, of 3.90 euros per share and a record low cost-to-income ratio of 58.1%. ($1 = 0.9572 euros)Reporting by Tom Sims and Marta Orosz; Editing by Cynthia Osterman and Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

FRANKFURT, Nov 25 (Reuters) - Germany's Deutsche Bank (DBKGn.DE) has a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough. "There was evidence of non-German banks in this country taking lending off the table while German banks were going longer-credit during the pandemic, in 2020," he added, again without citing examples. Deutsche Bank has long highlighted a need for Europe to have strong banks to vie with U.S. and Chinese competitors, but the latest rhetoric signals a more aggressive tone. Campelli called for a "concerted approach" by politicians and regulators to support European banks. He said he wanted strong European banks in Germany and pushed back on being a mere U.S. bank.

☆ Deutsche Bank CEO warns of reliance on government aid packages
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 24 (Reuters) - Deutsche Bank Chief Executive Christian Sewing appealed for caution regarding German government relief packages and said the country should not come to rely on extending aid measures, speaking at an economic conference on Thursday. "At some point, even Germany will run out of ways of explaining this to the capital market in such a way that the capital market believes in Germany's debt capacity," Sewing said at the event, hosted by the Sueddeutsche Zeitung newspaper. In his view, the key issue for German companies was whether they could access secure and competitive energy supply. Reporting by Marta Orosz, Writing by Rachel More Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ German authorities search BNY Mellon bank in cum-ex probe
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 22 (Reuters) - German authorities searched the Frankfurt office of bank BNY Mellon (BK.N) on Tuesday in connection with an ongoing investigation into the multi-billion euro tax fraud scheme known as "cum-ex", the bank said. "BNY Mellon's Frankfurt office was visited today by the German authorities," said the bank. "We continue to cooperate fully with the authorities in an ongoing investigation relating to legacy tax matters. There has been no interruption to services that we provide to clients," it added in an email. Reporting by Marta Orosz Writing by Madeline Chambers Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank CEO warns of 'danger' of European reliance on foreign banks
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Deutsche Bank has long warned that Europe needs strong banks to counteract U.S. and Chinese competitors, but Friday's speech took on a greater sense of urgency. "We urgently need to change course here if we do not want to rely primarily on foreign banks to finance Europe's future," Sewing said at a banking conference. Sewing blamed European regulators for a heavy hand, the latest criticism by top bankers of its supervisors. "It becomes ever clearer that the current regulatory framework does little to strengthen European banks," he said. European Central Bank (ECB) President Christine Lagarde, speaking at the same conference, warned of "undermining" regulation.

The plans include the Bundesbank, Germany's central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said. NO JUMPING THE LINEOne weakness that planning exposed involves security firms that transport money from the central bank to ATMs and banks. The organization hosted a meeting last week with central bank officials and lawmakers to press its case. At times politics can get in the way of blackout planning. He said that he has long been warning authorities of blackout risks but that planning has been inadequate.

☆ German regulator calls on banks to increase risk provisions
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 14 (Reuters) - The president of Germany's financial regulator, Mark Branson, on Monday called on banks to increase their risk provisions while earnings are strong. Branson, speaking at a conference in Frankfurt, praised U.S. banks for setting aside "as much as they could". "Now is the time" for banks to set aside funds for a rainy day, while they are earning well, he said. Some did increase their risk provisions somewhat. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

But there was also a wider question for the officials: could the energy companies' use of such complex instruments threaten financial stability? So the ECB has widened its scrutiny to examine potential domino effects, including on the banks which it supervises. read moreWhile ECB President Christine Lagarde said the ECB stood ready to provide liquidity to banks, she said it would not do the same for energy firms. "Energy companies pose specific risks not only to financial stability. Reuters GraphicsRating agency Moody's, meanwhile, said that energy companies did not provide enough information about their derivatives.

But shares fell more than 7% after the bank said its 2024 costs would be higher than anticipated, with revenue and operating profit for that year missing analysts' current forecasts. Net profit of 195 million euros in the quarter compares with a profit of 403 million a year earlier. Analysts had expected profit of 116 million euros on average in a consensus forecast published by the bank. Looking ahead to 2024, the bank said it now expects operating profit of 3.2 billion euros, below analysts' expectations. In a note, Deutsche Bank analysts said the forecast was "below consensus" and asked, "How conservative is the 2024 guidance?"

☆ German officials search bank in Russian oligarch probe
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] German officials have searched a large bank in Munich and Frankfurt, Germany, November 8, 2022, in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. REUTERS/Kai PfaffenbachBERLIN, Nov 8 (Reuters) - German officials have searched a large bank in Frankfurt and Munich in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. The prosecutors' spokesperson did not name the bank and declined to name the oligarch, adding that individuals of the bank were not under investigation.

FRANKFURT, Oct 26 (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday posted a better-than-expected 475% jump in third-quarter profit as investment banking revenues rose thanks to a trading boom and despite a slump in dealmaking. Deutsche is also trimming staff at its investment bank, people with knowledge of the matter have told Reuters, as a pullback in financing deals compels lenders to limit costs. Revenue from the investment bank's origination and advisory business declined 85% in the quarter, compared with expectations for a 61% drop. The investment bank in recent years recovered from being its problem child to its strongest revenue generator thanks to a coronavirus pandemic trading boom and the dealmaking frenzy. Among Deutsche's other major divisions, corporate bank revenues rose 25%, while private bank revenues were up 13%.

And Italy's UniCredit (CRDI.MI) raised its 2022 profit goal, helped by higher interest rates and lower loan loss provisions that also drove quarterly earnings above forecasts. For years, banks bemoaned ultra loose monetary policy, but now higher interest rates means banks can start to benefit from the increased gap between what they charge borrowers and what they pay savers. Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income, giving it ammunition to upgrade its revenue outlook despite a weakening global economy. For Santander, higher loan loss provisions in key markets like Brazil and the United States overshadowed better than expected third-quarter earnings. While benefiting from higher interest rates, banks also face the unwinding of a scheme that buoyed their profits for years.

☆ Analysis: Decade of central bank largesse haunts taxpayers as losses loom
▼ + stars: | 2022-10-25 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. The British government, which received 120 billion pounds in profits from the BoE since 2009, has already earmarked a transfer of 11 billion pounds for the central bank. It will contribute to losses of around 40 billion euros for euro zone central banks next year, according to Morgan Stanley. They have all warned of upcoming losses and the Dutch central bank openly said it risked needing a bailout, although finance minister Sigrid Kaag later cautioned this was "not yet on the table". By contrast, central banks with less cash and higher-yielding bonds in Italy, Spain and Greece were likely to fare better.

☆ Deutsche Bank's DWS sued by consumer group over alleged greenwashing
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - A German consumer group said on Monday it is suing Deutsche Bank's (DBKGn.DE) asset management unit DWS (DWSG.DE) for allegedly misrepresenting a fund's green credentials in marketing materials. DWS, which has repeatedly denied it misled investors, rejects the allegations by the consumer group, which represents consumers in the state of Baden-Wuerttemberg. The group said it filed a suit against DWS on Sept. 26 in a Frankfurt court, which has set a hearing for March 10. The lawsuit against DWS is one of several filed by the consumer group against financial firms for allegedly overstating their green credentials. Asoka Woehrmann resigned as chief executive of DWS in June after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over allegations of greenwashing and misleading investments.

☆ Deutsche Bank investment bank job cuts to include staff in Britain - source
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 21 (Reuters) - The dozens of staff to be cut at Deutsche Bank's (DBKGn.DE) investment bank include staff based in Britain, a person with knowledge of the matter said on Friday. Reuters reported on Thursday that Deutsche Bank has cut staff in origination and advisory segments of its investment banking unit, as a pullback in financing deals compels lenders to limit costs. The cuts in New York and London will be in the "dozens", said the person, declining to give a concrete figure. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims and Marta Orosz, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ German online bank N26 to launch crypto trading in Austria
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 20 (Reuters) - German online bank N26 said on Thursday it would begin allowing some customers in Austria to trade cryptocurrencies, in its first foray into the asset class. N26 said it would expand the service to clients elsewhere in the coming months and eventually facilitate the trade of almost 200 cryptocurrencies. The crypto asset sector is largely unregulated in most countries and regulators have warned investors face a high risk of losses. The European Parliament is expecting to vote on groundbreaking new rules for crypto assets in December or early 2023. "The purchase of crypto assets constitutes a high risk and may result in the loss of the money spent," N26 said in a footnote of its announcement.

☆ German prosecutor: investigating 101 people in latest cum-ex raid
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 19 (Reuters) - A German prosecutor said on Wednesday that they were investigating 101 people in their latest cum-ex raid. The spokesperson wouldn't comment on the name of the bank, but Deutsche Bank confirmed on Tuesday that it was the target. Deutsche Bank declined to comment on the number of individuals. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims and Marta Orosz, Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ German prosecutors search Deutsche Bank HQ in cum-ex probe
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/FilesBERLIN, Oct 18 (Reuters) - German prosecutors have searched the headquarters of Deutsche Bank (DBKGn.DE) in connection with an ongoing investigation of the multibillion-euro tax fraud scheme known as "cum-ex", Deutsche Bank said on Tuesday. Deutsche is one of many banks that prosecutors have searched in connection with the tax scheme that thrived more than a decade ago. Germany's largest lender, under Chief Executive Christian Sewing, has been trying to clean up the bank's reputation since he assumed the helm in 2018. Reuters has reported Deutsche Bank’s involvement in the scheme between 2006 and 2011, when bankers discussed the "reputation risks" of the matter.

FRANKFURT, Oct 11 (Reuters) - German online bank N26, which is being monitored by German financial regulators, on Tuesday reported a wider loss for 2021 and a slowing in customer growth, capping a year of setbacks for one of Europe's most valuable fintechs. The Berlin-based bank's 2021 loss increased to 172 million euros ($167.10 million), from a 151 million euro loss in 2020. It added one million new customers last year, down from the two million customers that were added in the previous year. N26, founded in 2013, was valued at more than $9 billion after it completed a $900 million fundraising round in 2021. Of its 8 million customers, 3.7 million are generating revenue, it said.

☆ Euro sculpture in Frankfurt rescued by crypto firm
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The Euro sign by German artist Ottmar Hoerl is photographed after "Caiz development" company announced its sponsorship for the conversation of the landmark in Frankfurt, Germany, September 27, 2022. REUTERS/Kai PfaffenbachRegister now for FREE unlimited access to Reuters.com RegisterFRANKFURT, Sept 27 (Reuters) - A giant blue euro sculpture in the heart of Frankfurt's financial district has a new benefactor: The firm behind a sharia-compliant cryptocurrency. Register now for FREE unlimited access to Reuters.com RegisterThe sponsor is the technology developer Caiz, a Frankfurt-based company whose Caizcoin conforms to the principles of Islamic finance and laws. The sculpture was constructed to much fanfare in 2001, shortly ahead of the launch of euro notes and coins. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marta Orosz; Writing by Tom Sims; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

The annual energy price increase in Germany in August on average was 139%, latest producer price data showed this week. In a BDI survey of 593 businesses, more than a third said their existence was threatened by higher energy prices, up from 23% in February. Industry group VKU has also joined the chorus of concern, warning that local utilities faced insolvency due to high energy prices and possible defaults from their customers. read moreThe head of the German Chemicals Industry Association VCI on Tuesday said rising energy prices were a "huge alarm call" for Germany as a place to do business. He welcomed Buschmann's initiative to relax insolvency rules but added that suspending them outright again would be a "serious mistake".

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