Deutsche Bank Appoints Head of Corporate & Investment Banking for EMEA Deutsche Bank reports that Alasdair Warren from Goldman Sachs has been named head of corporate and investment banking (CIB) in Europe, the Middle East and Africa (EMEA), effective spring 2016. CIB itself will be created by combining the corporate finance business in corporate banking… Read More >>
Former PIMCO Investment Exec Launches Consultancy
Maisonneuve Founds Financial Consulting Firm Virginie Maisonneuve, a former chief investment officer for equities at PIMCO, as the Pacific Investment Management Company is known, has founded Maisonneuve Global Advisors (MGA), where she is managing director. Maisonneuve is also a director at London-based Notting Hill Digital, which specializes in advising companies about Internet technologies, and is… Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
Deutsche Bank’s Radical Revamp to Slash 35,000 Jobs
Deutsche Bank will be laying off approximately 35,000 employees, overhauling key parts of its ”outdated” IT infrastructure and exiting major securities businesses as part of its Strategy 2020 plan, according to a statement from the bank and a memo from John Cryan, co-CEO of Deutsche Bank, both released Oct. 29. The layoffs will come from… Read More >>
The SEC’s ‘Broken Windows’ Policy
Given some of the recent actions by the SEC, it’s reasonable to ask if the regulator may be enforcing a kind of “broken windows policing” effort. When put into practice, the broken windows theory as applied to non-Wall Street crime by police officers involves acting upon “small crimes such as vandalism, public drinking, and toll-jumping,”… Read More >>
U.S. Regulators Crack Down on Reporting Failures with Stiff Penalties
The CFTC and SEC are continuing their crackdown on firms large and small that fail to sufficiently file regulatory reports that have accurate and usable data that can be applied to monitoring and analyzing securities transactions as evidenced by recent actions against Deutsche Bank and Credit Suisse Securities. The CFTC has ordered Deutsche Bank to… Read More >>
People Moves at Deutsche Bank, SimCorp and LPL Financial
Deutsche Bank Fills Post for ICG Debt Americas but Pulls Out of Russia Deutsche Bank has hired industry veteran John Gallo who joins from Citigroup as managing director and head of ICG Debt Americas, officials report. Gallo will be based in New York and report to John Pipilis, global head of ICG Debt. Gallo, who… Read More >>
Deutsche Bank Is the Latest to Explore Blockchain
Deutsche Bank is actively exploring Blockchain technology and expects it to have a big impact on the financial markets in the years ahead, according to a letter sent by the bank to a European regulator. The European Securities and Markets Authority (ESMA) is currently exploring how it will regulate digital currencies, reports Coindesk, and the… Read More >>
Deutsche Bank’s $55M Settlement Could Boost Transparency
Deutsche Bank settled charges of misstating the value of a derivatives portfolio with the SEC to the tune of $55 million, the latest in a string of regulatory penalties to hit the bank that could potentially provide another nail in the coffin for the opaque processes common at major banks before the Great Recession, industry… Read More >>
Deutsche Bank’s $2.5B Fine Puts Focus Back on Compliance
Despite revealing massive fraud at one of the world’s largest financial institutions, Deutsche Bank’s recent $2.5 billion settlement with regulations could have a silver lining, industry observers say. Deutsche Bank’s fine came at the end of a seven-year probe into manipulation of the London Interbank Offered Rate (Libor) by its traders and exposed widespread fraud… Read More >>
