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Deutche Bank at heart of criminal EuroDollar crash plan?

 
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TonyGosling
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PostPosted: Mon May 02, 2016 1:45 pm    Post subject: Deutche Bank at heart of criminal EuroDollar crash plan? Reply with quote

Deutsche Bank Has Systemic Money Laundering, Terrorist Financing And Sanctions Problems: UK Regulator
Tyler Durden's picture
Submitted by Tyler Durden on 05/01/2016 20:01 http://www.zerohedge.com/news/2016-05-01/deutsche-bank-has-systemic-mo ney-laundering-terrorist-financing-and-sanctions-proble

Just two days after Deutsche Bank fired the head of its "integrity committee", Georg Thoma who had been originally tasked with clearing up the bank's past scandals, because according to DB's vice chairman Alfred Herling, Thoma had been "overzealous" and "goes too far when he demands ever wider investigations and more and more lawyers come marching up", today the UK financial watchdog agency FCA announced that Germany's biggest bank has "serious" and "systemic" failings in its controls against money laundering, terrorist financing and sanctions, the Financial Times reported.

The Financial Conduct Authority (FCA), has now ordered a separate independent review, the FT reported the letter as saying. The FCA declined to comment.

In other words instad of firing it "Chief Ethics Officer" (sic), Deutsche should have ideally hired a few more because as a result of this latest probe it is most likely looking at billions more in settlement charges over the next 6 - 12 months.

"Our overall conclusion was that Deutsche Bank UK had serious AML (anti-money laundering), terrorist financing and sanctions failings which were systemic in nature," the FCA letter, dated March 2, reportedly said.

"Effective senior management engagement and leadership on financial crime had been lacking for a considerable period of time." And where there is effective senior management, the board makes sure to get rid of said management, because if it actually followed the law how could this megabank ever make money in Europe's monetary twilight zone.

Meanwhile, Deutsche Bank said it is cooperating with regulators to fundamentally reform its anti-financial crime program.

"We understand the importance of this issue and are committed to and engaged in fixing it", a company spokesman said in an emailed statement on Sunday.

This is only the latest brush-up between DB and the FCA: in late 2014, the UK regulator put Deutsche Bank's London office under enhanced supervision owing to concern about the bank's governance and controls. Enhanced supervision procedures are normally kept private and can follow fines. Following its review, Reuters reports, the FCA ordered a so-called skilled persons report - also called a Section 166 report - to assess remedial work Deutsche must now carry out.

Deutsche Bank's new chief executive, John Cryan, who took over in July, has embarked on a deep restructuring of the bank, which includes an overhaul of governance procedures.

Cryan announced in November a review of its know-your-client mechanisms and its vetting procedures when taking on new clients. It has also suspended taking on new customers from 109 countries which it has defined as high risk, compared with 30 countries it had earlier classified as too risky.

The report on the FCA letter comes not only days after the abovementioned acrimonious public squabble among members of Deutsche Bank's supervisory board and the ejection of the man heading the supervisory board’s Integrity Committee, but also just weeks after Deutsche became the first bank to settle and admit to charges that it had manipulated the gold market, and had also agreed to expose other gold manipulation cartel members.

insidejob wrote:

http://www.911forum.org.uk/board/viewtopic.php?p=170125#170125
Do the CEO firings signal the beginning of the derivatives crash? Has Deutsche Bank's $73 trillion derivatives book started to collapse?

http://investmentresearchdynamics.com/a-derivatives-bomb-exploded-with in-the-last-two-weeks/
A Derivatives Bomb Exploded Within The Last Two Weeks

Quote:
It was the sudden firing of Deutche Bank’s co-CEOs this past weekend – The Brown Stuff Is About To Hit The Fan – that prompted me to spend more time analyzing a sequence of events which indicate to me some sort of derivatives position, possibly at Deutsche Bank, has exploded. In addition, the stock and bond markets have been emitting some curious signals which reflect that fact that something happened in the global economic and financial system.

The DJ Transports are largely made up of trucking, railroad and delivery services stocks. This sector of the market reflects the heart-beat of economic activity, especially as it relates to consumer spending in the United States. The Transports are down 9.4% from its all-time high. I wrote about the collapsing U.S. economy a week ago: LINK The behavior of the Dow Jones Transports is the market’s confirmation that the U.S. economy is contracting.

It’s the firing of Jain that caught my interest. In a management shake-up a little over two weeks ago, Jain was given more power by the Board and shareholders. So why was Jain suddenly and unexpectedly fired less than three weeks after having been given more control over the bank?

As I wrote yesterday, Jain’s raison d’etre was to build Deutsche Bank into the world’s largest derivatives dealer.

This could be the start of the big financial markets inferno that many of us have been expecting for quite some time.

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Last edited by TonyGosling on Sat Sep 24, 2016 6:46 pm; edited 2 times in total
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TonyGosling
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PostPosted: Mon May 02, 2016 1:48 pm    Post subject: Reply with quote

FCA sees issues in Deutsche Bank controls over financial crimes, FT reports
A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo
A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, January 26, 2016.
http://www.reuters.com/article/us-deutsche-bank-fca-idUSKCN0XS1JX

Deutsche Bank (DBKGn.DE) has "serious" and "systemic" failings in its controls against money laundering, terrorist financing and sanctions, according to a confidential letter by the UK's financial regulatory agency, the Financial Times reported.

The watchdog agency, the Financial Conduct Authority (FCA), has now ordered a separate independent review, the FT reported the letter as saying. The FCA declined to comment.

"Our overall conclusion was that Deutsche Bank UK had serious AML (anti-money laundering), terrorist financing and sanctions failings which were systemic in nature," the FT quoted the FCA letter, dated March 2, as saying.

"Effective senior management engagement and leadership on financial crime had been lacking for a considerable period of time."

Deutsche Bank said it is cooperating with regulators to fundamentally reform its anti-financial crime program.

"We understand the importance of this issue and are committed to and engaged in fixing it", a company spokesman said in an emailed statement on Sunday.

In late 2014, the FCA had put Deutsche Bank's London office under enhanced supervision owing to concern about the bank's governance and controls. Enhanced supervision procedures are normally kept private and can follow fines.

Following its review, the FCA ordered a so-called skilled persons report - also called a Section 166 report - to assess remedial work Deutsche must now carry out, the FT reported.

Deutsche Bank's new chief executive, John Cryan, who took over in July, has embarked on a deep restructuring of the bank, which includes an overhaul of governance procedures.

Cryan announced in November a review of its know-your-client mechanisms and its vetting procedures when taking on new clients. It has also suspended taking on new customers from 109 countries which it has defined as high risk, compared with 30 countries it had earlier classified as too risky.

The report on the FCA letter comes days after a public squabble among members of Deutsche Bank's supervisory board and the ejection of the board's member tasked with clearing up past scandals.

Germany's biggest bank, struggling to extract itself from regulatory and legal tangles that have already cost it billions of dollars, announced late on Thursday the resignation Georg Thoma, a top financial lawyer who headed the supervisory board’s Integrity Committee

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PostPosted: Sat Jul 30, 2016 10:53 am    Post subject: Reply with quote

Deutsche Bank Profit Plunges 98% And The Worst Is Yet To Come
by Tyler Durden
Jul 27, 2016 10:44 AM
http://www.zerohedge.com/news/2016-07-27/deutsche-bank-profit-plunges- 98-and-worst-yet-come

The latest confirmation that Germany's troubled banking giant Deutsche Bank is unable to navigate the troubled waters of NIRP came on Wednesday when the bank announced that its second-quarter net income fell 98% from a year earlier, hurt by weaker performances in trading, investment banking and other core areas. The lender said net income tumbled to €20 million ($22 million) from €818 million a year earlier, modestly better than the €22mm loss expected, while net revenue dropped 20% to €7.4 billion.

After rebounding modestly on the beat, the bank’s shares fell tumbled 5% on Wednesday morning, their lower level in 2 weeks; today's decline has dragged DB stock 45% lower in 2016, making it one of Europe's worst performers YTD (the Stoxx 600 is down 27% in 2016).



As the WSJ notes, the Frankfurt-based bank has been hit harder than most. It is cutting costs and clients and trying to satisfy new, more-stringent capital requirements over the next three years. Its turnaround strategy has eaten into trading and investment-banking revenue, and investors’ concerns about the adequacy of its capital cushion have persisted. The bank also has been trying to settle regulatory investigations expected to result in big fines, another uncertainty for investors.

Chief Executive John Cryan said in a statement that the bank is making progress in a multiyear turnaround, but warned that if weak market conditions persist, it “will need to be yet more ambitious in the timing and intensity of our restructuring.”



Deutsche Bank CEO John Cryan

Investors were unimpressed, and the shares now trade for two thirds less than their tangible book value, a steeper discount than even during the depths of the financial crisis.

What is more troubling is that as Bloomberg adds, the worst is yet to come.

The second quarter gives little cause for celebration. In a quarter which saw revenue sink 12% and net income came in at almost zero, even after litigation costs tumbled, the only division to increase revenues and profit was Postbank, the consumer unit, which Cryan hopes a "white knight" will take off his hands. And unlike rival Commerzbank, Deutsche Bank was able to boost its key capital ratio fractionally in the quarter.The focus on cutbacks meant that Deutsche Bank was unable to benefit from its strength in fixed-income trading in a quarter during which the U.K. vote to leave the European Union stoked market volatility.

While debt trading revenue climbed 22 percent at the top U.S. investment banks in the quarter, Deutsche Bank's fixed-income trading revenue fell 19 percent. In foreign exchange, performance was flat, a sign that restructuring is preventing the bank from getting the most out of the market action.



Low interest rates and economic uncertainty stemming from Brexit weighed on the lender’s biggest businesses last quarter. Revenue fell year-over-year in all four of Deutsche Bank’s business divisions, including asset management. The worst year-over-year revenue decline was in global markets, the bank’s securities-trading operation and its biggest unit by revenue. That division’s second-quarter revenue declined 28% from the year-earlier period. Within the business, overall sales and trading revenue fell 23% during the quarter from a year earlier. Debt trading tumbled 19%, a far cry from the 22% rebound among top US banks.

Another problem for the CEO is that the bank's cost-cutting effort is also lagging compared to US peers: while it is having some positive impact - expenses fell 5% from the year-earlier period - with revenue shrinking, the cost-income ratio remains stubbornly high at 91%.



Another problem: headcount. It stood at 101,307 at the end of June, down by 138 full-time equivalents from the end of March, but still up on the year-earlier period. None of this looks like peak pain.

As Bloomberg adds, Cryan's suggestions on Wednesday that he might have to be "yet more ambitious" in the timing and depth of the restructuring looks like a promise to bolt the stable door long after the horse has bolted. The weak economic environment is unlikely improve soon, especially in Europe, where lower-for-longer interest rates are crushing bank profits. Worse, Deutsche Bank is also seeing rising loan losses from the shipping and metals and mining industries.

None of this bodes well for the execution of Cryan's strategy, and adding to the pressure is that rival banks moving faster with their overhauls: Italy's UniCredit is considering a 5.5 billion-euro capital raising and asset sales.Cryan would be right to ask his predecessors why they didn't move sooner and cut deeper. As it is, he's been left with what he admits will be a "sustained restructuring." Translated, that means peak pain is yet to hit.

Finally, the biggest problem for DB remains its massive balance sheet. Morgan Stanley analysts calculated that Deutsche Bank has a €9 billion capital hole to fill by 2018, and that's not including damage caused by future litigation costs, which considering DB's record of pervasive capital rigging, are sure to rise.

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PostPosted: Sat Sep 24, 2016 6:45 pm    Post subject: Reply with quote

Brilliant graphic
Deutsche Bank refuses to pay $14bn US penalty
By GPD on September 16, 2016
http://www.veteranstoday.com/2016/09/16/deutsche-bank-refuses-to-pay-1 4bn-us-penalty/
Germany’s biggest bank says it won't pay a $14 billion US Department of Justice (DoJ) fine for selling mortgage-backed securities that contributed to the 2008 financial crisis.
“Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited. The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts,”Deutsche Bank said in a statement on Friday.
The Wall Street Journal reported the DoJ is demanding $14 billion in compensation to settle a set of high-profile mortgage-securities probes stemming from the financial crisis.
The bank’s spokesman confirmed in July settlement negotiations were underway, but the size of the potential penalty was unknown before today.
The amount is almost equal to Deutsche’s market cap. As a result, the share price of the German bank plummeted over eight percent on Friday, dragging the country’s stock market half a percent lower. Friday’s slump added to the 45 percent drop in the bank’s stock since January and a 53 percent slump over the last twelve months.



‘Europe is extremely sick’, says Deutsche Bank chief economist
https://www.rt.com/business/350622-european-banks-crisis-deutsche-bank  /

Bank of America paid $17 billion to settle a similar probe in 2014. Goldman Sachs agreed to reimburse $5.1 billion earlier this year over troubles with mortgage-backed securities that were sold to investors as high-quality debt.

In 2014, the DoJ demanded Citigroup pay $12 billion for selling low-grade mortgage-backed securities, but the fine was cut to $7 billion.

Barclays, Credit Suisse Group, UBS and Royal Bank of Scotland face similar investigations and could also be penalized by US authorities.

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http://utangente.free.fr/2003/media2003.pdf
"The maintenance of secrets acts like a psychic poison which alienates the possessor from the community" Carl Jung
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