Last week’s raids on Deutsche Bank’s headquarters in Frankfurt and key bank branches by approximately 170 German law enforcement officials have sent shock waves throughout the financial services world. This must have been especially nerve-wracking news for those firms working so hard to stay within the difficult lines of compliance. Essentially, the German authorities say… Read More >>
U.K. Specialist Firm Embraces ‘Recs as a Service’
Genesis Investment Management Deploys Watson Wheatley Service London-based Genesis Investment Management, a specialist investment management firm, is the first official customer of reconciliation vendor Watson Wheatley’s “reconciliation as a service” offering, according to officials at the firm and the vendor. The new offering from Watson Wheatley leverages the audit controls and automation of the iRecs… Read More >>
Synechron Launches 11 A.I. Data Science Accelerator Centers
Synechron to Focus on Financial Services & Insurance Sectors Synechron, Inc., a financial services consultant and IT services provider, reports the launch of artificial intelligence (AI) data science accelerators for financial services, banking and insurance firms. The new accelerators “help financial services and insurance firms solve complex business challenges by discovering meaningful relationships between events… Read More >>
Deutsche Bank Shuffles Execs for 2019
In the wake of major outflows from its asset management business, Deutsche Bank’s supervisory board is shuffling executives, particularly Nicolas Moreau, who will no longer run the asset management unit by the end of 2018. The German banking giant’s asset management business reported €3 billion ($3.4 billion) of net outflows for the third quarter of… Read More >>
Ex-Deutsche Bank Traders Found Guilty of Rigging LIBOR
A former supervisor of Deutsche Bank’s pool trading desk and a former Deutsche Bank derivatives trader have been found guilty in a New York Southern District court for participating in a scheme to manipulate the London Interbank Offered Rate, better known as LIBOR, which the U.S. Justice Department calls a “critical global benchmark tied to… Read More >>
Deutsche Bank Subsidiaries Charged with ADR Mismanagement
Two U.S.-based subsidiaries of Deutsche Bank A.G. will pay nearly $75 million to settle charges of “improper handling” of pre-released American Depositary Receipts (ADRs), the SEC reports. The Deutsche Bank subsidiaries are Deutsche Bank Trust Co. Americas (DBTCA), a depositary bank, and Deutsche Bank Securities Inc. (DBSI), a registered broker-dealer. The case stems from a… Read More >>
Deutsche Bank Shifts Three Recs Services to SmartStream
Deutsche Bank has outsourced three reconciliation services to a SmartStream Technologies’ Center of Excellence (CoE) in an effort to streamline recs processing and make it more cost effective, according to bank and vendor officials. SmartStream’s CoE is now overseeing “three distinct managed services: reconciliations on-boarding, production support and operational reconciliation services,” officials say. Previously, the… Read More >>
Deutsche Bank Overhauls Equities & Plans to Lay Off 7,000
Deutsche Bank managers will be laying off 7,000 staff members as they “significantly reshape” the equities sales and trading businesses and will retreat from key markets to “concentrate on what we truly do well,” says Christian Sewing, CEO of the firm’s management board, in an official announcement. Timed for its annual general meeting (AGM) on… Read More >>
Deutsche Bank COO to Leave Next Month
Deutsche Bank’s supervisory board is shaking up its executive line-up again with the news that Kim Hammonds will be officially stepping down from her post as chief operating officer (COO) as of the bank’s Annual General Meeting (AGM) on May 24. Hammonds has been with Deutsche Bank since 2013 when she joined as co-head of… Read More >>
New Deutsche Bank CEO to Snap the Line
Deutsche Bank’s supervisory board is replacing CEO John Cryan after less than three years on the job, following persistent losses for the German banking giant, and citing the need for “a new execution dynamic in the leadership of our bank.” The bank is hoping that Christian Sewing will snap the line and bring a new… Read More >>
