How is the group chief Executive Sewing promised, has written to Deutsche Bank in 2018 for the first Time in three years, back in the black. However, the ongoing scandals have damaged the house.
because Of “the biggest legal disputes are resolved”. In fact, Deutsche Bank is sitting still, the judiciary in the neck. In November, the money house was overtaken again by his past. A great investigator troupe of 170 investigators searched the offices because employees customers should have helped in the creation of letter box companies in the Caribbean to turn dirty money into clean.
just before Christmas, were under investigation for possible illegal agreements when trading with US Dollar bonds known. At the end of January came out, that the Democrats want to investigate the business relationship between Trump and Deutsche Bank in more detail. And also the US Central Bank does not seem to be of the efficiency of the internal control mechanisms of the Bank.
Further course information, to Deutsche Bank
scandals cost money
the Fed is examining in the money laundering scandal of the Danish Danske Bank, the US subsidiary of the largest German Bank, had controlled her by managed assets of the Estonian Danske division correctly.
For the Bank, the latest scandals are a disaster, have turned away but, above all, in the investment banking division, the largest division of the group, numerous customers – with devastating consequences for the income, as the latest quarterly figures show. Alone the search in November, the Bank would have cost a loss of revenue in the three-digit million range, it said.
revenues in the fourth quarter
James von Moltke, CFO Deutsche Bank
chief financial officer James von Moltke dropped said this at the annual press conference of the degradation in Underwriting and Advisory business. Alone in the bond and foreign exchange trading revenues decreased in the fourth quarter to 23 percent. The entire investment banking made in this period a pre-tax loss of EUR 303 million.
But also in asset management, has lost the Deutsche Bank, because of the scandals, customers and investment funds. In the business with wealthy private customers, the income declined in the past year, to 274 million euros to 1.75 billion euros. And the Fund subsidiary, DWS had to tolerate in the fourth quarter, capital outflows in the amount of seven billion euros.
trust is lost
Deutsche Bank-Board of Directors Karl of pipe
the Bank’s management had stated in September that it had left the biggest legal disputes from the past behind. It is believed Karl von Rohr, the law of the Bank’s management Board, meanwhile, 19 of the 20 largest legal disputes, almost 90 percent of the provisions were attributable, in whole or in part completed. As a reminder: Since the financial crisis, the numerous violations of law by Deutsche Bank, have engulfed some 14 billion euros.
Bank head Christian Sewing knows how much trust has been lost, the German Bank, because of the ongoing scandals in the meantime. He expresses, therefore, an English Banker surprisingly small according to: “We have the greatest interest in, to regain lost trust, and we are one of the many grateful customers, who have held in the past few weeks to us.”
6.000
reduced At the recent annual press conference in Sewing is also self-aware. In the past year, the Bank the Bank the Foundation for new growth. Particularly proud of the Sewing is to have the cost of 1.1 billion Euro cut. 6,000 employees had to go.
Deutsche Bank head Christian Sewing
“The cost reduction was the main objective for the past year and we have fulfilled it. This was important for our credibility,” says Sewing. This cost discipline, Sewing want to hold on to this year. Thus, the number of employees will fall to below 90,000 in – that could be another 2,000 jobs less than at present.
to increase Positive thoughts from Berlin
aim is in this year, the rate of return from 0.5 percent to four percent – and that from his own power. Thanks to the wide lineup, from investment banking to asset management, a iron cost discipline and in comparison to the previous year, significantly lower tax rate, this goal can be achieved – provided, of course, the Bank will not be shaken again of legal disputes and scandals.
façade of the Headquarters of the Danske Bank
Of a merger with Commerzbank, the Chairman of the Board, holds Sewing seems to be very little. Although he did not want to comment on the press conference, the numerous speculations about a merger of the two institutions, but said that he think it is “positive” that the Ministry of Finance do worry about the financial location of Germany.
Low financial risk
Anything beyond what he think is currently. To leave that to the impact of the scandals Sewing the word law, the management Board Karl of pipe. The insured that, from today’s point of view, “none of these issues take a financial risk” as the legal disputes of the past. And, in the case of the money of the Danske laundering scandal-the Bank had made the Deutsche Bank is nothing wrong.
Too bad that the investors, Deutsche Bank’s suspicion. On the day of the annual press conference, which was gone on a call with analysts, progress, slips of the Deutsche Bank share is significantly negative to the Dax-end.
1/6 The recent scandals of the German Bank’s
