Deutsche Bank

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Deutsche Bank Agrees to Pay $75M to Epstein Victims

Lawsuit said bank benefited from Epstein’s sex trafficking

(Newser) - Deutsche Bank has agreed to pay $75 million to settle a lawsuit claiming that the German lender should have seen evidence of sex trafficking by Jeffrey Epstein when he was a client, according to lawyers for women who say they were abused by the late financier. A woman only identified...

Women Who Accused Epstein Now Go After Big Banks

They allege JPMorgan, Deutsche Bank facilitated, profited from sex trafficking operations

(Newser) - JPMorgan Chase and Deutsche Bank have each been hit with a lawsuit that claims the banks enabled Jeffrey Epstein's sex trafficking operations and financially benefited from doing so. The suits, brought by anonymous female plaintiffs who accused Epstein of sex abuse, are seeking class-action status and unspecified damages. The...

Source of Deutsche Bank's Secret Files Turns Up Dead

Valentin Broeksmit was an FBI informant; no foul play is suspected

(Newser) - A whistleblower who supplied secret files to federal authorities investigating Deutsche Bank's dealings with former President Trump has been found dead. The body of 46-year-old Valentin Broeksmit was found by a cleaning crew just before 7am Wednesday at Woodrow Wilson High School in Los Angeles, Sgt. Rudy Perez of...

Deutsche Bank Predicts 'Major Recession'

The prediction distinguishes Deutsche as the most pessimistic of major Wall Street banks

(Newser) - In a report issued to clients Tuesday, analysts with Deutsche Bank predicted a "major recession" next year, reports CNN. The bank's analysts based their gloomy forecast on historical analysis of the Fed’s response during periods of high inflation and low unemployment. When looking at its inflation and...

Trump's Private Bankers Resign
Trump's Private
Bankers Resign

Trump's Private Bankers Resign

They helped arrange $330M in Deutsche Bank loans

(Newser) - This time next month, President Trump will be a private citizen—but he won't have the same private bankers. Deutsche Bank announced Tuesday that two employees in charge of lending to Trump and Jared Kushner have resigned, the Hill reports. "Rosemary Vrablic and Dominic Scalzi have tendered their...

Trump's Hundreds of Millions in Debt Was Forgiven: NYT

And he paid almost no federal tax on it, records show

(Newser) - President Trump's lenders have forgiven some $287 million in debt that he's failed to repay since 2010, most of that stemming from the Trump International Hotel & Tower in Chicago, the New York Times reports in its latest foray into the president's tax records. Deutsche Bank and...

Bank Pays $150M Over 'Inexcusable' Epstein Failures

New York says Deutsche Bank failed to properly monitor disgraced financier's dealings

(Newser) - Deutsche Bank has agreed to pay $150 million to settle claims that it broke compliance rules in its dealings with the late sex offender Jeffrey Epstein, New York state announced Tuesday. The penalty was announced in a release by Superintendent of Financial Services Linda A. Lacewell. “Despite knowing Mr....

Bank Warns of Potential Disasters Worse Than Pandemic
Bank Warns of
Potential Disasters
Worse Than Pandemic
in case you missed it

Bank Warns of Potential Disasters Worse Than Pandemic

Deutsche Bank says there is a 1 in 3 chance of a worse catastrophe in the next decade

(Newser) - Financial markets are starting to rebound from the coronavirus pandemic amid promising signs from world economies—but Deutsche Bank doesn't pay its analysts to be optimists. In a report issued Tuesday, those analysts warned that there is a one-in-three chance of an event even more devastating than the pandemic...

Deutsche Bank's Push to Be a Banking Giant Is Dead

The Frankfurt-based bank began cutting 18K jobs on Monday

(Newser) - Germany's Deutsche Bank on Monday began cutting 18,000 jobs, marking the end of a long, failed attempt to compete with the planet's investment banking giants. The bank plan unveiled Sunday aims to take Deutsche Bank "back to our roots" by refocusing on traditional strengths like serving...

Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs

Board approves retreat from global ambitions

(Newser) - In a sweeping restructuring, Deutsche Bank announced Sunday that it will cut 18,000 jobs and abandon its global equities sales and trading business. The bank intends to cut costs as much as $19 billion in coming years, CNBC reports. That would leave it with 74,000 employees by 2022....

Trump: I Don't Need Banks Because I Have Cash

President fires back at 'New York Times' over negative story

(Newser) - The New York Times wrote a story critical of President Trump's dealings with Deutsche Bank, and now the president is firing back. In Monday morning tweets, Trump rejected the notion that banks have been leery of working with him—instead, he says he's been so successful in business...

Report: Trump, Kushner Bank Transactions Raised Red Flags

Sources say Deutsche Bank decided not to inform feds of staff recommendations

(Newser) - Transactions linked to President Trump and his son-in-law raised red flags in a Deutsche Bank computer system designed to detect money laundering in 2016 and 2017, but the bank decided not to act, reports the New York Times , citing "five current and former bank employees." The sources, including...

Report: Major Bank Is Handing Over Trump Records

Deutsche Bank has reportedly complied with subpoena from New York AG

(Newser) - While House lawmakers are having trouble obtaining President Trump's tax returns , New York state's attorney general now has her hands on financial records relating to his businesses, sources tell CNN . The sources say Deutsche Bank—which has reportedly issued more than $2 billion in loans to Trump and...

Trump Was Denied a Loan While Running for Prez

This time, Deutsche Bank was nervous about it

(Newser) - While running for president, Donald Trump reached out for a loan and got an unexpected answer—and that answer was "no," the New York Times reports. Trump made the request of Deutsche Bank in early 2016 while lending his campaign tens of millions and spending money to improve...

Mueller May Have Just Crossed 'Red Line' Trump Warned About

Special counsel said to have subpoenaed Deutsche Bank for records on Trump finances

(Newser) - President Trump has warned that Robert Mueller would be crossing a "red line" if he poked around in the Trump family's finances—and apparently Mueller is now prepared to find out what awaits him on the other side of that line. A source has revealed to Bloomberg that...

Banker Confuses Net and Gross in $6B Error

He apparently messed up basic values: report

(Newser) - A junior foreign-exchange trader at Deutsche Bank in London likely blew his chance to become a senior foreign-exchange trader after mistakenly sending $6 billion to a US hedge fund. While his boss was on vacation, the worker dished out a gross value rather than a net amount in a wire...

'Tour de Fraud' Earns Bank Record Fine

BNP Paribas fined almost $9B for bypassing sanctions

(Newser) - Federal prosecutors at last made good on their promise to get a guilty plea out of a major bank yesterday, as BNP Paribas agreed to a record fine of almost $9 billion for violating US sanctions. The bank, the biggest in France, "perpetrated what was truly a Tour de...

Wife Says Ex Ripped Off Their Tiger Charity

In divorce case, she says Save China's Tigers gave them lavish lifestyle

(Newser) - A prominent wildlife charity called Save China's Tigers did more than try to save tigers—it provided an endless source of cash for the founders' opulent lifestyle, according to allegations in a nasty divorce case. Li Quan says soon-to-be-ex Stuart Bray, a former Deutsche Bank executive, used deceptive accounting...

Deutsche Bank Opens 200-Ton Gold Vault

Will bring more gold into Singapore, after country scraps tax on metals

(Newser) - Big gold-dealing Deutsche Bank has opened a 200-ton gold vault in Singapore, a move that reflects the city-state's rising status as a tax haven to rival the likes of Switzerland, Quartz reports. "Gold has traditionally been stored in London, Zurich and New York, but there is a serious...

German Bank Evacuates 700 Over White Powder

40 Deutsche Bank workers who may have had contact being checked

(Newser) - About 700 people were evacuated from a Deutsche Bank office in Germany today after white powder was found in a letter at the building, Reuters reports. Forty bank employees who may have had contact with the powder are undergoing health checks. The Schkeuditz building was used for back-office operations, and...

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