By Reuters Staff
3 Min Read
FRANKFURT (Reuters) -The German financial regulator BaFin has ordered Deutsche Bank to enact further safeguards to prevent money laundering, BaFin said on Friday, a blow to the nation’s largest lender as it tries to repair its reputation.
FILE PHOTO: The headquarters of Germany s Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski
In 2018, BaFin took the extraordinary step of installing the auditor KPMG as a special monitor at Deutsche to oversee progress on money-laundering controls.
It was the first time that the German regulator had made such an appointment and followed a series of money laundering lapses.
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(Bloomberg)
(Bloomberg)
Half-way through his restructuring of Deutsche Bank AG, Chief Executive Officer Christian Sewing took a big step toward convincing investors that Germanyâs largest lender is no longer just a âshow-meâ case.
The bank on Wednesday raised its outlook after beating Wall Street traders for a third straight quarter. The performance handed Sewing the strongest profit in seven years and fueled the biggest jump in the shares in almost a year. And in a quarter that left many competitors blindsided by the collapse of Archegos Capital Management, Deutsche Bank once infamous for lapses in controls steered clear of the carnage. Even long-term skeptics were impressed.
Deutsche Bank outshines Wall St rivals with best quarter since 2014 reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Credit Suisse Plans Hedge Fund Unit Overhaul After Archegos Hit
This content was published on April 9, 2021 - 11:16
April 9, 2021 - 11:16
(Bloomberg) Credit Suisse Group AG is planning a sweeping overhaul of the hedge fund business at the center of the Archegos Capital blow up, as the drama forces Wall Street banks to reconsider how they finance some of their most lucrative clients.
The Swiss bank is weighing significant cuts to its prime brokerage arm in coming months, people familiar with the plan said. The lender has already moved to tighten financing terms with some funds, and hopes changes to the unit can allow it to forgo major cuts to other parts of the investment bank, which just had a banner quarter, the people said, asking not to be identified as the matter is private.