Deutsche Bank

  • News

    Pen And Pencil Watch ’13: Deutsche Bank

    Remember when Citigroup announced it was going to save a bunch of money by banning color copies and requiring employees to print on both sides? Deutsche Bank appears to be taking a play from that playabook.

    / Mar 7, 2013 at 5:31 PM
  • Deustche Bank, HSBC

    Deutsche Bank Sinks Right Past HSBC

    Getting caught money-laundering for the Iranians and drug cartels is pretty bad for business, as HSBC’s 2012 results demonstrate. But coming into compliance with all these new banking regulations is even worse.

    / Mar 4, 2013 at 5:44 PM
  • I have no idea what the boxes are?

    Banks

    Goldman Analysts Hint That Deutsche Bank Should Consider Just Packing It Up And Going Back To Germany

    I realize it doesn’t actually work this way but I always imagine that sell-side analysts at big banks who cover other big banks enjoy sabotaging each other a little. “Take that, you Deutsche Bank jerks!,” Jernej Omahen might have thought as he hit send on this one: Deutsche Bank AG fell the most in more […]

    / Mar 1, 2013 at 1:07 PM
  • brian mulligan

    News

    Former Deutsche Bank Exec And LAPD Not Yet Seeing Eye To Eye On “Savage Beating” Incident

    According to the police, they found Brian Mulligan high on bath salts after “several” calls had been placed about a man in the area “trying to break into cars” that fit Mulligan’s description. He supposedly told them he was “tired,” which they say is why they drove him to a motel to get some shuteye. When he (allegedly) emerged hours later and started running through traffic despite officers’ orders to get out of the street, later assuming a “fight stance,” they decided it was necessary to deal with him in an aggressive manner. Didn’t want to, felt they owed it to him. According to Mulligan, this is what happened:

    / Feb 7, 2013 at 2:20 PM
  • deutschebankwaves

    News

    Deutsche Bank Puts Traders Who (Allegedly) Took Libor Into Their Own Hands In A Time Out

    That’s them, pictured at left.

    / Feb 6, 2013 at 1:48 PM
  • Deutsche_Bank_-_Trust_Wave_Arche

    News

    Bonus Watch ’13: Deutsche Bank

    The good news: there will still be bonuses this year, which is something! The even better news, for those who’d describe themselves as fans of tantric bonuses: it’ll be a while before you see it all.

    / Feb 1, 2013 at 12:32 PM
  • News

    Germany Looks At Its Banks

    For all their saber-rattling and bold talk about a final solution to the problem of global financial risk, the Germans haven’t done a hell of lot to rein in their banks. There is, for instance, no Großdeutschesvolckerregierung. At least, not yet.

    / Jan 31, 2013 at 2:30 PM
  • Slide 24. I like the color scheme: "the gray is the bits we're ashamed of."

    Banks

    Deutsche Bank Improved Its Balance Sheet By Losing A Lot Of Money

    Bank earnings season is always a little surreal, I guess because there’s an inherent surrealism about banking. Deutsche Bank reported earnings today,1 and those earnings had an up-is-down quality that Bloomberg’s summary captured in this amazing sentence:2 Deutsche Bank AG, Europe’s biggest bank by assets, exceeded a goal for raising capital levels as co-Chief Executive […]

    / Jan 31, 2013 at 2:04 PM
  • Deutsche_Bank_-_Trust_Wave_Arche

    News

    Bonus Watch ’13: Deutsche Bank Is Mulling Over The Idea Of Paying A Li’l Less This Year, Would Appreciate Rivals Throwing Them A Bone And Doing The Same

    The Germans might take an ax to bonuses, cutting them by 20 percent, or they might not. According to CEO Anshu Jain, what it may come down to is whether or not other banks will help him out here by getting on board with the proposed reductions, as it would make DB look bad to be the only firm doling out tough love this year. Thanks in advance.

    / Jan 14, 2013 at 10:09 AM
  • I swear this is an actual picture from DB investor relations

    News

    Deutsche Bank Had A Profitable Interest Rate Trading Business In 2008

    There are two questions worth asking about today’s Wall Street Journal story about how Deutsche Bank “made at least €500 million ($654 million) in profit in 2008 from trades pegged to the interest rates under investigation by regulators world-wide”: is that a lot?, and did they do it by manipulating Libor? The second one is […]

    / Jan 10, 2013 at 12:07 PM
  • News

    German Politician Sees A Lot Of Similarities Between Rotting Fish And Deutsche Bank Management

    Deutsche Bank co-CEO Jürgen Fitschen, already the subject of a German tax-fraud probe, has come under further pressure after political leaders accused him of trying to influence the investigation by calling a senior German politician to protest a police raid on the bank’s headquarters last week. On Thursday, a day after the surprise search, Mr. […]

    / Dec 18, 2012 at 12:47 PM
  • deutsche-bank

    News

    Layoffs Watch ’12: Deutsche Bank Commods. Traders To Get Walking Papers

    Our German friends are issuing walking papers to a whole bunch of Houston-based power and gas traders, part of cuts that have also claimed the bank’s commodities chief. More than 50 jobs are being cut.

    / Dec 12, 2012 at 2:51 PM
  • News

    Layoffs Watch ’12: Deutche Bank

    Cuts are said to have gone down at the other DB.

    / Dec 11, 2012 at 4:33 PM
  • Put spreads!

    News

    Where Did Deutsche Bank Get The Losses That It Ignored Until They Went Away?

    Every financial contract is subject to a bunch of risks, and in some sense each of those risks affects its value. There’s some chance that an asteroid will crash into the earth next year, rendering your 30-year interest rate swap considerably less valuable, and if you’re so inclined you can discount its value for that […]

    / Dec 10, 2012 at 11:04 AM
  • News

    Layoffs Watch ’12: Deutsche Bank (Update)

    The Germans are said to have asked a handful of employees to clean out their desks.

    / Dec 7, 2012 at 4:47 PM
  • With co-CEOs, etc., there's no really satisfying picture for DB. Presumably this isn't Jain's fault.

    News

    Deutsche Bank Ignored Some “Losses” Until They Went Away

    Oh man, what is going on in this FT article? Here is the bottom line: In a series of complaints to US regulators, two risk managers and one trader have told officials that Deutsche had in effect hidden billions of dollars of losses. “By doing so, the bank was able to maintain its carefully crafted […]

    / Dec 6, 2012 at 9:38 AM
  • News

    Deutsche Bank Executive Sought Counsel From Semi-Helpful LAPD Re: Bath Salts Prior To Ruthless Beating, Arrest

    “How long does this stuff stay in your system?”

    After he was badly injured in May by two LAPD officers, top Deutsche Bank executive Brian C. Mulligan alleged that police manufactured a report that painted him as a snarling, thrashing man who told the officers that he’d recently ingested drugs known as “bath salts.” But days before the May confrontation, Mulligan apparently told another officer in a different city a story similar to what appears in the LAPD report. He said he’d previously snorted “white lightning,” a type of bath salts, a synthetic drug, and believed that a helicopter had been trailing him, according to a Glendale police recording of the conversation. “I know this is gonna sound crazy, but I feel like there are people following me. I feel like there was a chopper, do you hear a chopper?” Mulligan said on the recording, which was obtained by The Times. “We don’t have a helicopter up in Glendale,” the officer replied.Officials with the Los Angeles Police Protective League, which represents LAPD officers, said the recording undercuts Mulligan’s version of his altercation with the LAPD officers, the subject of a $50-million claim he filed with the city, which is a precursor to a lawsuit…Mulligan alleged that the officers dragged him to a motel, threatened to kill him if he left and then, when they discovered he’d escaped, beat him so badly that he suffered 15 fractures to his nose and needed dozens of stitches.

    Mulligan said he felt “a little paranoid” during the sometimes-rambling, 11-minute exchange. He told the officer that he’d recently purchased some bath salts at local pot shops. Mulligan said he’d snorted bath salts at least 20 times but, as of that day, had not used any for roughly two weeks. “How long does this stuff stay in your…system, man, how’s it legal!” he said on the recording…The officer described bath salts as “a close relative of methamphetamine” and encouraged him to see a doctor or drug counselor. “I mean, my wife knows,” Mulligan said. “OK,” the officer replied, “you need to get on top of this before it gets on top of you.”

    ‘Paranoid’ bank exec told officer he used bath salts, police say [LA Times]
    Earlier: Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”

    / Oct 15, 2012 at 5:56 PM
  • News

    UBS Encouraged Kweku Adoboli To Develop Other Interests Outside Rogue Trading, Which It Condoned, Says Lawyer/Old Boss

    Adoboli lawyer Charles Sherrard said the bank became “more aggressive in terms of its desire to make profits” in 2011, while cross-examining one of Adoboli’s former bosses at a fraud trial in London today. “The culture, practice at the bank you were working for, didn’t matter as long as you were making money,” Sherrard said […]

    / Sep 20, 2012 at 2:05 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans are “going on a diet” that will involve a “painstaking, methodical, meticulous approach to boosting efficiency” and “very significantly streamlining” in the investment bank and no one, not even the people hiding out in Chicago are safe.

    “Yet more DB cuts: 3 directors, 1 managing director and 1 vp in Chicago last week.”

    [MarketWatch]

    / Sep 12, 2012 at 7:36 PM
  • News

    Deutsche Bank Had A Bunch Of Tough Good-Byes Today

    In addition to cuts in the Industrials; M&A; Real Estate, Gaming, Leisure & Lodging; and Leveraged Finance, the bank’s converts desk was said to be “gutted,” losing at least five Managing Directors and a few analysts. On the bright side, today was expected to be the last day of layoffs for the foreseeable future.

    / Sep 10, 2012 at 6:22 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts are said to have gone down in DB IBD.

    From the front lines:

    “Yet another round of layoffs here (2nd / 3rd round in most groups). Following the same pattern of 2-3 per group to avoid big news. All levels affected. Another possible round coming before year end.”

    / Sep 10, 2012 at 1:03 PM
  • News

    Layoffs Watch ’12: Deutsche Bank Not Yet Finished Telling Employees To Hit The Bricks

    These things take time.

    Deutsche Bank is eliminating about 85 jobs at its Japan and Hong Kong equities units as Europe’s widening debt crisis curbs economic growth in Asia. The bank cut about 15 positions in Tokyo yesterday, and plans to tell 30 employees in equity research, sales and trading today that they will be dismissed, three people with knowledge of the matter said. The Frankfurt-based company trimmed 40 jobs in Hong Kong yesterday, according to another person, who asked not to be identified because the information is private.

    [Bloomberg]

    / Sep 5, 2012 at 2:47 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans are not yet done firing employees in Asia.

    Deutsche Bank fired around a third of the staff in its Asia equity derivatives business on Tuesday, as part of a global cost savings plan announced on July 31, according to sources familiar with the matter. Just over 20 people remain in the division, down from a number in the mid 30s, according to one source, as Deutsche Bank and others seek to cut costs in businesses that are failing to generate adequate revenues as the global economy slows. The bank let go five traders, four product structurers and at least one salesperson from the division, the sources said, adding that the numbers were not yet finalised because the discussions were continuing…These cuts follow on the heels of layoffs in June in Deutsche Bank’s Asian equities business, which like its counterparts at other firms globally has been struggling this summer due to slack trading volumes and a sharp decline in new share issuance.

    Deutsche Bank cuts a third of jobs in Asia equity derivs [Reuters]

    / Sep 4, 2012 at 1:44 PM
  • News

    Clawbacks Watch ’12: Deutsche Bank

    Those shares DB awarded you to make up for the ones you were leaving with your old employer? They’re going to need those back.

    Deutsche Bank has become the first global bank to introduce rules allowing it to strip staff of bonuses they earned at previous employers in the latest crackdown on pay. The largest European lender by assets has significantly tightened its bonus rules this year, enabling it to take back unvested shares that newly hired senior staff received in exchange for stock earned at another bank.

    The German banks’ stricter bonus rules, which came into force in January, apply to all new senior hires considered to be involved in the bank’s risk-taking, a spokesman said. These more than 1,300 “regulated employees“ include managing directors in the corporate and investment bank and members of the management committees of all other units. One recruitment expert warned the rule could make it harder for Deutsche Bank to attract senior talent as the potential job candidates might not be willing to put at risk stock earned at a previous bank.

    Deutsche Bank Turns Screws On Bonuses [FT]

    / Aug 27, 2012 at 10:57 AM
  • News

    Authorities Would Like To Add That Deutsche Bank Executive “Ruthlessly Beaten” By LAPD May Or May Not Have Been On “White Lightning” At The Time

    A couple weeks back, Deutsche Bank vice chairman and managing director Brian Mulligan filed a claim with the city of Los Angeles, letting people know he intended to sue for $50 million over an incident that took place involving the LAPD, which left the media banker with “a broken shoulder blade and 15 nasal fractures.” According to Mulligan, police officers abducted him from a street corner, drove him to a motel, told him to wait there for a few hours, and then beat him so “ruthlessly” he “barely looked human” when they were done. According the LAPD, several calls had been placed about a man in the area “trying to break into cars” that fit Mulligan’s description. They confronted the guy, who told them he was tired, which was why they drove him to the motel. He emerged hours later, started running through traffic, failed to heed their orders to get out of the street and assumed a “fighting stance,” hence the need to deal with him in an aggressive fashion. At the time, a spokesman for the LA County DA’s office said that there are no plans to file criminal charges and that the office would simply like to “have a discussion” with Mulligan to advise him on “how best to follow the law so that incidents like this don’t occur again.” Also, it’s possible he was experimenting with bath salts.

    The police report states that Mulligan was sweating profusely and walking with an unsteady gait when officers responded to reports that he was trying to break into cars in a Jack-in-the-Box parking lot. Mulligan told officers he was being chased and didn’t know why. He also stated that he had ingested “white lightning” and marijuana and that he had not slept for four days.

    Brian Mulligan On Bath Salts: Deutsche Bank Executive Said He Was On ‘White Lightning,’ Police Say [HP]
    Earlier: Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”

    / Aug 23, 2012 at 5:44 PM
  • News

    Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”

    Yesterday afternoon, Deutsche Bank vice chairman and managing director Brian Mulligan filed a claim with the city of Los Angeles, letting it be known that he plans on suing for $50 million, over an altercation with the LAPD that left Mulligan with “a broken shoulder blade and 15 nasal fractures.” According to the media banker, he was minding his own business one night in May, when a couple of officers approached him, asked him what he was doing in the vicinity of a marijuana dispensary, searched his car (where they found a few thousand dollars), drove him to a motel and told him to wait there. Several hours later, still waiting, Mulligan says he started to become suspicious and decided to leave, at which point the officers returned and “began ruthlessly beating him” so badly he “barely looked human” when they were done. If this had happened to you, you might be a little upset too! The LAPD, however, claims that Mulligan has no reason to be angry with them and, in fact, owes the officers an apology, for his “outburst of erratic behavior.”

    The police version begins with a complaint about a man going through cars in a Jack-in-the-Box in the Highland Park area, according to LAPD Officer Cleon Joseph. Moments later, a second call came from another person about a man in the same area who appeared to be on drugs and trying to break into cars…The officers determined Mulligan matched the description of the suspect, but a police drug recognition expert determined he was not under the influence of drugs. Joseph said he could not clarify whether that included alcohol. Officers then searched Mulligan’s car and found thousands of dollars, Joseph said. Mulligan told the officers that he was exhausted, so the officers agreed to transport him to a motel, Joseph said. But first, they had to count the executive’s cash to make sure it was all still there after they transported him to the hotel, Joseph explained. The officers gave Mulligan’s money back to him, drove him to the motel and left him, concluding their response, Joseph said.

    A few hours later, at about 1 a.m., police received another call from the same area, this time about a man running in traffic. Officers observed Mulligan in the street, Joseph said. He defied officers’ orders to get out of the street, and instead went into a fighting stance and charged at the officers, according to Joseph. Officers tackled Mulligan and took control of him, Joseph said. During the take-down, the executive sustained injuries that required hospitalization. Police reported the incident as a categorical use of force and are conducting a standard investigation to determine if the force was necessary. Mulligan was charged with resisting arrest and interfering with law enforcement. He was booked on $25,000 bail and was released from jail on May 18.

    Despite Mulligan acting in such a way that some people thought required “force” to deal with, a spokesman for the LA County DA’s office said that there are no plans to file criminal charges and that the office would simply like to “have a discussion with him and advise him on how best to follow the law so that incidents like this don’t occur again.”

    Brian Mulligan, Deutsche Bank Executive, Says He’ll Sue LAPD Alleging Captive Beating [HP]
    Deutsche Bank Top Hollywood Banker Claims Police Beating [Bloomberg]

    / Aug 15, 2012 at 12:51 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans thought about it and decided yes, layoffs sound like a great idea.

    Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today.

    The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today…“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.”

    Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]

    / Jul 31, 2012 at 10:25 AM
  • You can't beat buddy-CEO pictures.

    Banks, News

    Deutsche Bank Won’t Let A Little Libor Manipulation Or Earnings Miss Slow It Down

    Deutsche Bank had two weird little bits of gun-jumping news today, one good(ish), one bad (just bad). The good news is that Deutsche Bank has decided that it wasn’t manipulating Libor too much: A Deutsche Bank internal probe has found that two of its former traders may have been involved in colluding to manipulate global […]

    / Jul 24, 2012 at 4:59 PM

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