Compared to those multi-billion dollar ones, this fine is NBD.
Deutsche Bank AG has agreed to pay $55 million to the U.S. Securities and Exchange Commission to settle allegations it hid paper losses of more than $1.5 billion during the financial crisis that began in 2008. The giant German lender said it didn’t admit or deny the allegations and that no charges were brought against individuals in the matter.
Although, DB would like to just point out that it hasn't even talked to Iran, Libya, Syria etc. in, like, years.
Good news! John Cryan can stop wondering when the next massive fine is coming down the pike.
John Cryan is buying himself a ticket out of regulatory purgatory for Christmas.
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]
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.
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]
