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Some months ago, Rosemary Vrablic was confronted with evidence of her wrongdoing, specifically her purchase of an apartment from a client, one Jared Kushner, and her machinations to avoid the discovery of this fact. Unlike that client’s father-in-law, another client by the name of President Donald Trump, against whom coincidentally there is a mountain of evidence of wrongdoing, up to and including inciting an insurrection against the government he nominally led until a couple of weeks ago, Vrablic chose to take the (relatively) honorable way out.

Deutsche Bank’s review found that Rosemary Vrablic, a senior private banker and managing director in its wealth management business in New York, “engaged in undisclosed activities related to a real estate investment,” including buying a property “from a client-managed entity,” the bank said in records filed with the Financial Industry Regulatory Authority.

The records said Ms. Vrablic, who left the bank in December, was “permitted to resign….”

The records filed with the Financial Industry Regulatory Authority also faulted Ms. Vrablic for “the formation of an unapproved outside entity to hold the investment.”

Anyway, in a timely reminder to Republican lawmakers that, occasionally, good things come to those who (even belatedly) do the right thing, in spite of all of the bad things done to get to this point:

Over the past 10 years, Deutsche has lost a total 8.2 billion euros ($9.8 billion) and the return to profit marks an important milestone for Chief Executive Christian Sewing as analysts had been predicting another loss in 2020…. Deutsche said its net profit attributable to shareholders for 2020 was 113 million euros ($136 million), which compares with a 2019 loss of 5.7 billion euros. Analysts had expected a loss of about 300 million euros for 2020….

“We see a substantial portion of investment bank growth as sustainable even as markets normalize, as we expect in 2021,” [CEO Christian] Sewing said, according to prepared remarks to analysts.

Trump’s Banker at Deutsche Bank Was Ousted for a Real Estate Deal [NYT]
Investment banking boom lands Deutsche Bank first profit since 2014 [Reuters]



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