Analysts calculate that of the 20 billion euros in profits that Deutsche’s trading and banking unit accumulated since 1995, as much as 15 billion euros will ultimately be returned to regulators via fines and penalties.
The appointment of Paul Atkins would mark a shift for Mr. Trump, who so far has stocked his executive branch largely with people who have run big companies but lack any government experience. Mr. Atkins, on the other hand, built a business around navigating Washington’s nooks and crannies.
Switzerland's reputation as a secretive tax haven looks set to end following the introduction of rules over sharing bank account data. The convention states that financial information on Swiss bank accounts held by citizens of certain countries will in future be shared annually and on an automatic basis. In the past, Switzerland would only provide banking information if requested by a limited number of countries and even then, full co-operation was not guaranteed.
Wells Fargo increased income from overdraft charges at more than five times the rate of its US bank peers in the third quarter — a finding that is likely to concern the consumer banking regulator as it prepares a crackdown on the $12bn-a-year corner of the financial services industry.
“Wall Street tends to get ahead of itself at times, and this appears to be one of those,” says Jenny Jones, head of US small and mid-cap equities at Schroders. “We do believe [Trump] will achieve many of his goals, but they seem to be close to fully priced now and they could take nine-18 months to accomplish. That leaves a lot of room for disappointment.”
While President-elect Donald Trump is promising to increase US gross domestic profit to 5 percent to 6 percent from its current 2 percent level, Wall Street banks are forecasting that, at least in its first year, a Trump White House will fall short of its goal. JPMorgan Chase is predicting a 1.9 growth rate next year. Others are a bit more bullish: Wells Fargo predicts 2.1 percent growth and Goldman Sachs says it will grow at about 2.25 percent.
"This process in Europe is taking years because of refusal to face reality and I am just worried that there's going to be more of this over the next year or two, not just in Italy but in other places across Europe."
Betsy Dwyer Loomis thought she’d seen it all. The former flight attendant had worked corporate jets for years and had flown around the world with demanding billionaires — but nothing, she said, could prepare her for Viacom boss Sumner Redstone. The mogul’s weird habits while in flight included asking a flight attendant to not only undo his seat belt when he had to go to the restroom — but also unzip his fly, said Loomis, who worked on Viacom’s Paramount Pictures corporate jet in 2002.