A compliance officer at Deutsche Bank flagged suspicious transactions related to the financier and sex predator Jeffrey Epstein, and President Donald Trump's son-in-law, Jared Kushner. Tammy Hill McFadden, according to a July 12, 2019, FBI report, worked as a Florida-based anti-money laundering compliance officer for Deutsche Bank until 2018. She raised a suspicious activity report involving Kushner and Epstein, before being laid off due to low productivity.&nbsp;Hill McFadden said that in late 2016, she came across a “mind-boggling” transaction involving Jared Kushner's company, Real Contrad, LLC, which was sending payments in cryptocurrency to a Russian person who was listed as an employee of Real Contrad, LLC. But the flow of the payment was unusual, according to Hill; "she was unable to validate the origination or the recipient of the funds…she had never seen a flow like that. She examined the July and/or August 2016 activity" before reporting to her supervisor. Her supervisor rejected her reservations, calling them unfounded. She further dug up on the person and found a website which had no personal details and was completely vague. Then she checked the employee list of Real Contrad, but the man was not mentioned.&nbsp;"When potentially suspicious activity was brought to the attention of the RM, they used the information they knew or had to look into the issues. They were not supposed to contact the client or ask them questions related to the activity." But Jared Kushner was contacted, and the case was closed. A few days after Hill McFadden raised concerns about Kushner, she was told that her productivity had dropped and was moved to an adjacent team; she was laid off.Also Read: <a href="https://www.wionews.com/world/epstein-files-uk-nca-keir-starmer-intelligence-1771412540929">New Epstein files show UK NCA investigated British links amid Starmer’s ‘no knowledge’ claim</a>&nbsp;&nbsp;&nbsp;

Screenshot EFTA00128989

According to the FBI report, in 2015, Hill-McFadden emailed her concerns about Epstein to her supervisor, “EPSTEIN sent wires to young women, perhaps in their twenties. He also sent wires to a woman in France who owned an art gallery. HILL-MCFADDEN gathered this information through GOOGLE searches.” She said that she did not want to work for Epstein; she suggested it was not just her, the Jacksonville, FL team did not want to work with Epstein. Her supervisor explained that Epstein had already served his time, suggesting the 2008 conviction. She further claimed that there was a suspicious activity report (SAR) during 2016 when the Federal Reserve was at the Deutsche premises.&nbsp;The claims also line up with a 2022 suit filed against Deutsche Bank by Epstein’s victims, who were eventually awarded $75 million. McFadden's claim also aligns with those made by New York State financial regulators in 2020 as part of a $150 million fine they levied against the bank for profiting from Epstein's crimes.&nbsp;

An FBI report reveals that a Deutsche Bank compliance officer flagged suspicious transactions linked to Jeffrey Epstein and Jared Kushner. 

A compliance officer at Deutsche Bank flagged suspicious transactions related to the financier and sex predator Jeffrey Epstein, and President Donald Trump's son-in-law, Jared Kushner. Tammy Hill McFadden, according to a July 12, 2019, FBI report, worked as a Florida-based anti-money laundering compliance officer for Deutsche Bank until 2018. She raised a suspicious activity report involving Kushner and Epstein, before being laid off due to low productivity. Hill McFadden said that in late 2016, she came across a “mind-boggling” transaction involving Jared Kushner's company, Real Contrad, LLC, which was sending payments in cryptocurrency to a Russian person who was listed as an employee of Real Contrad, LLC. But the flow of the payment was unusual, according to Hill; "she was unable to validate the origination or the recipient of the funds…she had never seen a flow like that. She examined the July and/or August 2016 activity" before reporting to her supervisor. Her supervisor rejected her reservations, calling them unfounded. She further dug up on the person and found a website which had no personal details and was completely vague. Then she checked the employee list of Real Contrad, but the man was not mentioned. "When potentially suspicious activity was brought to the attention of the RM, they used the information they knew or had to look into the issues. They were not supposed to contact the client or ask them questions related to the activity." But Jared Kushner was contacted, and the case was closed. A few days after Hill McFadden raised concerns about Kushner, she was told that her productivity had dropped and was moved to an adjacent team; she was laid off. Also Read: New Epstein files show UK NCA investigated British links amid Starmer’s ‘no knowledge’ claim

An FBI report reveals that a Deutsche Bank compliance officer flagged suspicious transactions linked to Jeffrey Epstein and Jared Kushner.&nbsp;

Deutsche Bank compliance officer who flagged suspicious transactions linked to Epstein, Kushner was laid off

Deutsche Bank said it has reached agreements for settlements with more than half the plaintiffs who accused the lender of having underpaid them in the acquisition of Postbank years ago.

These agreements bring Germany's largest lender closer to moving beyond the years-long litigation that has cast a shadow over the bank.

It added that the reached agreements so far are covering 60 per cent of the claims, including the biggest individual plaintiff.

The bank said the agreements will use about 45 per cent of provisions the bank has made for possible payouts.

The bank will now slice 430 million euros ($479.49 million) from the money set aside for possible payouts in the case, which will benefit earnings in the third quarter.

Deutsche Bank said it was satisfied that the settlements "substantially reduce the cost and risk" of the Postbank litigation.

"Against the backdrop of this improvement to our capital plan, we will review our distribution plans and discuss these with our regulators as part of our ongoing dialogue," Deutsche Bank said.

The lawsuits claiming Deutsche Bank underpaid former shareholders for Postbank back in 2010 have been a fast-moving target in the courts for years.

Things came to a head last April when a court in Cologne sounded sympathetic to the former shareholders' case, and Deutsche was forced to make an unexpected €1.3 billion provision to offset any possible payout to plaintiffs.

That provision resulted in the bank reporting a quarterly loss, breaking a profit streak of 15 consecutive quarters.

A week ago, Deutsche Bank offered a settlement to shareholders but a lawyer for the plaintiffs said the offer was paltry.

The Cologne court had set a hearing on the matter earlier in the Wednesday session but delayed its proceedings, saying that more time was needed to deliberate.

Deutsche Bank said it has reached agreements for settlements with more than half the plaintiffs who accused the lender of having underpaid them in the acquisition of Postbank years ago.

Deutsche Bank said it has reached agreements for settlements with more than half the plaintiffs who accused the lender of having underpaid them in the acquisition of Postbank years ago. These agreements bring Germany's largest lender closer to moving beyond the years-long litigation that has cast a shadow over the bank. It added that the reached agreements so far are covering 60 per cent of the claims, including the biggest individual plaintiff. The bank said the agreements will use about 45 per cent of provisions the bank has made for possible payouts. The bank will now slice 430 million euros ($479.49 million) from the money set aside for possible payouts in the case, which will benefit earnings in the third quarter. Deutsche Bank said it was satisfied that the settlements "substantially reduce the cost and risk" of the Postbank litigation. "Against the backdrop of this improvement to our capital plan, we will review our distribution plans and discuss these with our regulators as part of our ongoing dialogue," Deutsche Bank said. The lawsuits claiming Deutsche Bank underpaid former shareholders for Postbank back in 2010 have been a fast-moving target in the courts for years. Things came to a head last April when a court in Cologne sounded sympathetic to the former shareholders' case, and Deutsche was forced to make an unexpected €1.3 billion provision to offset any possible payout to plaintiffs. That provision resulted in the bank reporting a quarterly loss, breaking a profit streak of 15 consecutive quarters. A week ago, Deutsche Bank offered a settlement to shareholders but a lawyer for the plaintiffs said the offer was paltry. The Cologne court had set a hearing on the matter earlier in the Wednesday session but delayed its proceedings, saying that more time was needed to deliberate.

Deutsche Bank edges toward resolution with settlements amid Postbank litigation saga

Deutsche Bank has announced the acquisition of a €1.67 billion ($1.79 billion) aviation loan portfolio from lender NordLB, indicating a significant expansion of its aviation financing branch. The financial terms of the sale have not been disclosed.<o:p></o:p>

In a competitive bidding process, Deutsche Bank triumphed over many domestic and foreign competitors. NordLB confirmed the outcome on Monday, noting that the portfolio sale is consistent with its strategic intention to exit the aviation credit market.<o:p></o:p>

The acquired loans, secured by commercial passenger aircraft, are held by a variety of lessors and airlines. Deutsche Bank will gradually transfer these loans starting in late June, integrating them into its existing portfolio.<o:p></o:p>

NordLB, which has a remaining aviation loan portfolio worth €1.1 billion ($1.18 billion), has been actively lowering its exposure to the sector as part of a larger restructuring strategy. The bank's move to exit a significant amount of its aviation finance assets demonstrates its shift toward focusing on other core sectors.<o:p></o:p>

Deutsche Bank, Germany's largest lender, sees the acquisition as a strategic move to strengthen its position in the aviation finance industry. The bank's investment demonstrates its belief in the sector's long-term prospects, despite recent industry problems.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

Deutsche Bank has announced the acquisition of a €1.67 billion ($1.79 billion) aviation loan portfolio from lender NordLB, indicating a significant expansion of its aviation financing branch.

Deutsche Bank has announced the acquisition of a €1.67 billion ($1.79 billion) aviation loan portfolio from lender NordLB, indicating a significant expansion of its aviation financing branch. The financial terms of the sale have not been disclosed. In a competitive bidding process, Deutsche Bank triumphed over many domestic and foreign competitors. NordLB confirmed the outcome on Monday, noting that the portfolio sale is consistent with its strategic intention to exit the aviation credit market. The acquired loans, secured by commercial passenger aircraft, are held by a variety of lessors and airlines. Deutsche Bank will gradually transfer these loans starting in late June, integrating them into its existing portfolio. NordLB, which has a remaining aviation loan portfolio worth €1.1 billion ($1.18 billion), has been actively lowering its exposure to the sector as part of a larger restructuring strategy. The bank's move to exit a significant amount of its aviation finance assets demonstrates its shift toward focusing on other core sectors. Deutsche Bank, Germany's largest lender, sees the acquisition as a strategic move to strengthen its position in the aviation finance industry. The bank's investment demonstrates its belief in the sector's long-term prospects, despite recent industry problems. (With inputs from Agencies)

Deutsche Bank acquires $1.79 billion aviation loan portfolio from NordLB

Deutsche Bank to process fiat deposits and withdrawals for Austrian exchange<o:p></o:p>

Deutsche Bank has announced a partnership with Vienna-based Bitpanda to process customer deposits and withdrawals of fiat currency (conventional money like Euros or Dollars), indicating a cautious embrace of cryptocurrencies. This alliance is a huge step forward for the crypto industry, which has struggled to secure traditional banking partnerships.<o:p></o:p>

Overcoming banking hurdles for crypto users<o:p></o:p>

The crypto business has long struggled to attract conventional banking partners, notably following the 2023 collapse of numerous US institutions with significant crypto clientele. Deutsche Bank's engagement represents a shift in mood, with Germany's largest bank providing Bitpanda customers in Germany with local bank account numbers to facilitate fiat cash payments. This reduces the need for crypto users to negotiate intricate deposit and withdrawal procedures.<o:p></o:p>

Deutsche prioritises compliance and risk management<o:p></o:p>

Deutsche Bank underlines its cautious approach to cryptocurrency. The bank emphasises its selected partnership standards, which include partners with comprehensive compliance systems, established regulatory frameworks, and a good risk management profile. Deutsche stresses that it would not directly handle cryptocurrency transfers, but will instead facilitate fiat deposits and withdrawals while assisting Bitpanda's treasury and payment operations.<o:p></o:p>

Strategic move for Deutsche Bank<o:p></o:p>

Deutsche Bank sees this cooperation as a strategic step to establish itself as a preferred banking partner for high-growth platforms in the virtual asset investment market. The bank already has a similar agreement with Hong Kong-based cryptocurrency exchange Hashkey, but the Bitpanda pact is its first in Europe, the Middle East, and Africa. This strategic approach prepares Deutsche Bank to possibly benefit from the developing cryptocurrency sector while remaining focused on compliance and risk management.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Deutsche Bank to process fiat deposits and withdrawals for Austrian exchange Deutsche Bank has announced a partnership with Vienna-based Bitpanda to process customer deposits and withdrawals of fiat currency (conventional money like Euros or Dollars), indicating a cautious embrace of cryptocurrencies.

Deutsche Bank to process fiat deposits and withdrawals for Austrian exchange Deutsche Bank has announced a partnership with Vienna-based Bitpanda to process customer deposits and withdrawals of fiat currency (conventional money like Euros or Dollars), indicating a cautious embrace of cryptocurrencies. This alliance is a huge step forward for the crypto industry, which has struggled to secure traditional banking partnerships. Overcoming banking hurdles for crypto users The crypto business has long struggled to attract conventional banking partners, notably following the 2023 collapse of numerous US institutions with significant crypto clientele. Deutsche Bank's engagement represents a shift in mood, with Germany's largest bank providing Bitpanda customers in Germany with local bank account numbers to facilitate fiat cash payments. This reduces the need for crypto users to negotiate intricate deposit and withdrawal procedures. Deutsche prioritises compliance and risk management Deutsche Bank underlines its cautious approach to cryptocurrency. The bank emphasises its selected partnership standards, which include partners with comprehensive compliance systems, established regulatory frameworks, and a good risk management profile. Deutsche stresses that it would not directly handle cryptocurrency transfers, but will instead facilitate fiat deposits and withdrawals while assisting Bitpanda's treasury and payment operations. Strategic move for Deutsche Bank Deutsche Bank sees this cooperation as a strategic step to establish itself as a preferred banking partner for high-growth platforms in the virtual asset investment market. The bank already has a similar agreement with Hong Kong-based cryptocurrency exchange Hashkey, but the Bitpanda pact is its first in Europe, the Middle East, and Africa. This strategic approach prepares Deutsche Bank to possibly benefit from the developing cryptocurrency sector while remaining focused on compliance and risk management. (With inputs from Reuters)

Deutsche Bank Dips Toe into Crypto with Bitpanda Partnership

Tesla shares took a major hit, falling 2.7% to their lowest point in over a year. This drop comes after deutsche bank downgraded the stock to "hold" and slashed its price target by 34%.

Tesla stock hits 15-month low as Deutsche Bank cites risk

The possibility of a merger between Deutsche Bank and Commerzbank has resurfaced, after an attempt was called off five years ago.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The renewed speculation is driven by Germany's quest to bolster its budget by considering the sale of stakes in the multitude of companies it owns. <o:p></o:p>

Finance Minister Christian Lindner, while not indicating an immediate sale of the government's 15 per cent stake in Commerzbank, remains open to the idea, with a preference for the government eventually divesting its holding.<o:p></o:p>

Sources suggest that a potential merger could offer Deutsche Bank the opportunity to diversify away from the unpredictability of investment banking earnings, contributing to the bank's long-term stability.<o:p></o:p>

Although there are no active discussions at present, internal talks within Deutsche Bank have intensified, with considerations for acquisitions, including those of Commerzbank and ABN Amro.<o:p></o:p>

Deutsche Bank's Chairman, Alexander Wynaendts, expressed the bank's readiness for mergers and acquisitions in November, acknowledging the low probability of a substantial transaction in the near term due to various hurdles. <o:p></o:p>

Analyst Anke Reingen from RBC Europe noted that the bank's low valuation and potential job cuts might complicate a merger, as it currently trades at a fraction of its book value.<o:p></o:p>

As of Friday, Deutsche Bank shares closed down 1.23 per cent at 12.05 euros, valuing the bank at 25 billion euros ($27.37 billion), while Commerzbank shares remained relatively stable at 11.35 euros, with a valuation of 14 billion euros. <o:p></o:p>

The complexities of a potential merger include Deutsche Bank's low valuation, potential asset markdowns, and the necessity for substantial job cuts to realise the synergies of combining overlapping businesses.<o:p></o:p>

Documents from the German finance ministry reveal plans to raise up to 4 billion euros this year through the sale of company stakes, with the funds directed towards the state-owned rail company, Deutsche Bahn. <o:p></o:p>

The government's stake in Commerzbank, dating back to the 2008 financial crisis, has remained a loss-making venture, adding weight to the considerations for a sale.<o:p></o:p>

The situation is further complicated by Commerzbank's historical ties with UniCredit, which has been exploring potential mergers. <o:p></o:p>

Previous talks between Commerzbank and UniCredit reportedly took place before the geopolitical events surrounding Russia's invasion of Ukraine in 2022.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The possibility of a merger between Deutsche Bank and Commerzbank has resurfaced, after an attempt was called off five years ago. This is based on a Reuters report.

The possibility of a merger between Deutsche Bank and Commerzbank has resurfaced, after an attempt was called off five years ago. This is based on a Reuters report. The renewed speculation is driven by Germany's quest to bolster its budget by considering the sale of stakes in the multitude of companies it owns. Finance Minister Christian Lindner, while not indicating an immediate sale of the government's 15 per cent stake in Commerzbank, remains open to the idea, with a preference for the government eventually divesting its holding. Sources suggest that a potential merger could offer Deutsche Bank the opportunity to diversify away from the unpredictability of investment banking earnings, contributing to the bank's long-term stability. Although there are no active discussions at present, internal talks within Deutsche Bank have intensified, with considerations for acquisitions, including those of Commerzbank and ABN Amro. Deutsche Bank's Chairman, Alexander Wynaendts, expressed the bank's readiness for mergers and acquisitions in November, acknowledging the low probability of a substantial transaction in the near term due to various hurdles. Analyst Anke Reingen from RBC Europe noted that the bank's low valuation and potential job cuts might complicate a merger, as it currently trades at a fraction of its book value. As of Friday, Deutsche Bank shares closed down 1.23 per cent at 12.05 euros, valuing the bank at 25 billion euros ($27.37 billion), while Commerzbank shares remained relatively stable at 11.35 euros, with a valuation of 14 billion euros. The complexities of a potential merger include Deutsche Bank's low valuation, potential asset markdowns, and the necessity for substantial job cuts to realise the synergies of combining overlapping businesses. Documents from the German finance ministry reveal plans to raise up to 4 billion euros this year through the sale of company stakes, with the funds directed towards the state-owned rail company, Deutsche Bahn. The government's stake in Commerzbank, dating back to the 2008 financial crisis, has remained a loss-making venture, adding weight to the considerations for a sale. The situation is further complicated by Commerzbank's historical ties with UniCredit, which has been exploring potential mergers. Previous talks between Commerzbank and UniCredit reportedly took place before the geopolitical events surrounding Russia's invasion of Ukraine in 2022. (With inputs from Reuters)

Deutsche Bank & Commerzbank merger possibility resurfaces: Report

Deutsche bank economists predict an aggressive move by the federal reserve, anticipating a substantial 1.75 percentage points in rate cuts for the year 2024. Currently standing at 5.25%-5.5%, this projection would bring the fed rate down to 3.5%-3.75% by the end of the year.

Deutsche bank forecasts aggressive fed rate cuts in 2024

The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branch&nbsp;for ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings.

The fine was levied based on preceding matters concerning deficient controls in Deutsche Bank's&nbsp;ties with the Estonian branch of Denmark’s Danske Bank in 2015 and 2017. The Federal Reserve further added that the German bank must resolve issues and strengthen&nbsp;its&nbsp;data and risk management.

As per a Moneycontrol report, the fine&nbsp;came&nbsp;after Deutsche Bank disbursed about $630 million in 2017 to terminate investigations by the US and the UK concerning Russian equity traders.&nbsp;In the same year, the German lender was also charged $41 million for non-compliance with anti-money laundering activities.

Deutsche Bank stated that it was “positioned to meet regulator’s expectations” and that the bank would resolve the issues in the near future.

As per a Reuters report, the Joe Biden’s government has promised to restrict the recurring corporate offenders and illegal funds in the US financial system. The new fine poses a significant challenge to Stefan Simon, who took over Deutsche Bank's&nbsp;US operations this year.

The German lender has consistently been struggling to maintain firm ties with US and European regulators. German and US regulators are investigating&nbsp;the lender over deceptive marketing claims at the management firm DWS, a sister organisation.&nbsp;

In 2021, the bank paid $125 million in an attempt to avoid suit on allegations for involvement in foreign bribery schemes and collusion of the precious metals market. Additionally, Deutsche also paid $75 million to resolve a charge concerning sex trafficking and women being abused by the late financer Jeffery Epstein. In&nbsp;the same year, the&nbsp;bank settled to pay $200 million to the US Securities and Exchange Commission due to electronic record-keeping failures.&nbsp;

(With inputs&nbsp;from Reuters)

The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branch for ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings.

The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branch for ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings. The fine was levied based on preceding matters concerning deficient controls in Deutsche Bank's ties with the Estonian branch of Denmark’s Danske Bank in 2015 and 2017. The Federal Reserve further added that the German bank must resolve issues and strengthen its data and risk management. As per a Moneycontrol report, the fine came after Deutsche Bank disbursed about $630 million in 2017 to terminate investigations by the US and the UK concerning Russian equity traders. In the same year, the German lender was also charged $41 million for non-compliance with anti-money laundering activities. Deutsche Bank stated that it was “positioned to meet regulator’s expectations” and that the bank would resolve the issues in the near future. As per a Reuters report, the Joe Biden’s government has promised to restrict the recurring corporate offenders and illegal funds in the US financial system. The new fine poses a significant challenge to Stefan Simon, who took over Deutsche Bank's US operations this year. The German lender has consistently been struggling to maintain firm ties with US and European regulators. German and US regulators are investigating the lender over deceptive marketing claims at the management firm DWS, a sister organisation. In 2021, the bank paid $125 million in an attempt to avoid suit on allegations for involvement in foreign bribery schemes and collusion of the precious metals market. Additionally, Deutsche also paid $75 million to resolve a charge concerning sex trafficking and women being abused by the late financer Jeffery Epstein. In the same year, the bank settled to pay $200 million to the US Securities and Exchange Commission due to electronic record-keeping failures. (With inputs from Reuters)

Fed fines Deutsche Bank $186 million for inefficient action to restrain money laundering

Deutsche Bank&nbsp;has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.

Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.

In the circular, Deutsche attributed the shortfall to a decision by Moscow to allow investors to convert some of the DRs into local stock. The conversion was carried out without the German bank's "involvement or oversight" and Deutsche was unable to reconcile the company shares with the depositary receipts.

It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters.

DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money.

Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel&nbsp;and Novolipetsk Steel. Mechel declined to comment, while the remaining companies did not immediately respond to a Reuters request for comments. 
 
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Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.

Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies. Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank. In the circular, Deutsche attributed the shortfall to a decision by Moscow to allow investors to convert some of the DRs into local stock. The conversion was carried out without the German bank's "involvement or oversight" and Deutsche was unable to reconcile the company shares with the depositary receipts. It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters. DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money. Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel and Novolipetsk Steel. Mechel declined to comment, while the remaining companies did not immediately respond to a Reuters request for comments. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Deutsche Bank tells investors some of their Russian shares are missing: Report

A steep sell-off in banking stocks hit European indexes on Friday as worries about the stability of the financial sector intensified, with Deutsche Bank tumbling as cost of insuring the German bank's debt against the risk of default jumped to a more than four-year high.

Will global banking crisis spill into an all-out financial crisis?

A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking.&nbsp;

District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding that&nbsp;he agreed to provide more details later, as reported by Reuters.&nbsp;

Furthermore, the judge ruled that JPMorgan must defend itself against a lawsuit filed by the US Virgin Islands accusing the bank of failing to notice warning signs regarding Epstein's abuse on Little St James, a private island he owned there.&nbsp;

The decision to continue working with Epstein after the now&nbsp;deceased financier registered as a sex offender might put the banks in danger of losing money and their reputation.&nbsp;

While awaiting a sex trafficking trial, Epstein died by&nbsp;suicide at the age of 66 in a prison cell in Manhattan in August 2019. In 2008, he had admitted guilt to a Florida state court charge of prostitution, and he subsequently registered as a sex offender.

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/revenge-porn-hell-nearly-killed-me-says-stephen-bears-ex-girlfriend-love-island-star-georgia-harrison-573798">'Revenge porn hell nearly killed me,' says Stephen Bear's ex-girlfriend &amp; Love Island star Georgia Harrison</a>

More than 300 Epstein victims are expected to testify at a trial in October, and the women's attorney, Brad Edwards, estimated that damages might reach billions of dollars.

The decision was made in light of accusations that Jes Staley, a former executive at JPMorgan, exchanged sexually explicit texts with Epstein and engaged in sexual assault himself.&nbsp;

While acknowledging his friendship with Epstein, Staley expressed regret for their friendship and denied knowledge of Epstein's alleged wrongdoing.

(With inputs from agencies)

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A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking. District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding that he agreed to provide more details later, as reported by Reuters.

A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking. District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding that he agreed to provide more details later, as reported by Reuters. Furthermore, the judge ruled that JPMorgan must defend itself against a lawsuit filed by the US Virgin Islands accusing the bank of failing to notice warning signs regarding Epstein's abuse on Little St James, a private island he owned there. The decision to continue working with Epstein after the now deceased financier registered as a sex offender might put the banks in danger of losing money and their reputation. While awaiting a sex trafficking trial, Epstein died by suicide at the age of 66 in a prison cell in Manhattan in August 2019. In 2008, he had admitted guilt to a Florida state court charge of prostitution, and he subsequently registered as a sex offender. ALSO READ | 'Revenge porn hell nearly killed me,' says Stephen Bear's ex-girlfriend & Love Island star Georgia Harrison More than 300 Epstein victims are expected to testify at a trial in October, and the women's attorney, Brad Edwards, estimated that damages might reach billions of dollars. The decision was made in light of accusations that Jes Staley, a former executive at JPMorgan, exchanged sexually explicit texts with Epstein and engaged in sexual assault himself. While acknowledging his friendship with Epstein, Staley expressed regret for their friendship and denied knowledge of Epstein's alleged wrongdoing. (With inputs from agencies) WATCH WION LIVE HERE:

JPMorgan, Deutsche Bank must defend against allegedly facilitating Epstein's sex trafficking: US court

Deutsche Bank AG&nbsp;is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.

Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president's umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president, according to two bank officials.

In meetings in recent months, a Deutsche Bank management committee that oversees reputational and other risks for the lender in the Americas region has discussed ways in which it could rid the bank of these last vestiges of the relationship, two of the three bank officials said. The bank has over the years lent Trump more than $2 billion, one of the officials said.

One idea that has come up in the meetings: sell the loans in the secondary market, two of the bank officials said. But one of the officials said that idea has not gained traction, in part because it is not clear who would want to buy the loans and the attendant problems that come with it.

While it was known that Deutsche Bank has been closely examining its relationship with Trump, including by setting up a working group in 2016 to review the bank's relationship with him, its recent eagerness to end all ties and the contours of discussions in light of the election have not been previously reported.

Deutsche Bank declined to comment. The Trump Organization did not respond to requests for comment. The White House declined to comment.

Warren's warning

The German bank, which first started lending to Trump in the late 1990s, has been dragged into congressional and other investigations into the real estate mogul-turned-politician's finances and alleged Russia connections.

The probes and the bad press, seen by one senior executive as "serious collateral damage" from the relationship, are an unwelcome distraction for the bank, the three officials said. It comes at a time when Chief Executive Christian Sewing is trying to turn Deutsche Bank around after its decades-long run at becoming a major Wall Street bank left it nursing huge losses.

Elizabeth Warren, a Democrat member of the Senate banking committee, has previously called for an investigation into Deutsche Bank over its money laundering controls and has demanded answers from the lender about its relationship with Trump and his family. She told Reuters that she intended to keep pushing for a probe in the next administration.

"You bet I'm going to continue to fight for accountability and strong enforcement of our banking laws, especially for giant institutions like Deutsche Bank," she said.

What happens next for the bank rests on the outcome of Tuesday's elections, according to the three bank officials.

If the Republican president loses, and Democrats take control of the White House and Congress, senior Deutsche Bank executives believe congressional investigations that have stalled amid a court battle over access to Trump's financial records could be rejuvenated, the three bank officials said.

In this scenario, however, Deutsche Bank executives believe they will also have more freedom to deal with the loans and end their relationship with Trump, the officials said. They hope doing so might help reduce some of the scrutiny, they said.

Different scenarios

The loans, which are against Trump's golf course in Miami, and hotels in Washington and Chicago, are such that the Trump Organization has only had to pay interest on them so far, and the entire principal is outstanding, two of the three bank officials said. They come due in 2023 and 2024, the filings show.

The businesses backing the loans face challenges. The coronavirus-driven economic slowdown has hit the travel industry, including hotels. Moreover, last month Reuters reported that Trump's plan to make money by developing houses and hotels on his golf courses, including the one involving the Deutsche Bank loan, had not panned out so far.

The Deutsche Bank executives are not unduly concerned about Trump's ability to repay the loans, given the president's personal guarantees and the time left before they come due, the three bank officials said.

If Trump is not in office, Deutsche Bank executives feel that it would be easier for them to demand repayment, foreclose if he is not able to pay it off or refinance, or try to sell the loans, according to two of the three bank officials.

Since Trump has personally guaranteed all the loans, Deutsche Bank could also seize the president's assets if he is unable to repay, two of the three bank officials said.

If Trump wins a second term, Deutsche Bank executives feel their options would be fewer, the three bank officials said. The bank wouldn't want the negative publicity inherent with seizing assets from a sitting president and would likely extend the loans until he is out of office, two of the bank officials said.

The bottom line, the three bank officials said, is that the matter won’t be resolved until well after the election.

Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.

Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter. Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president's umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president, according to two bank officials. In meetings in recent months, a Deutsche Bank management committee that oversees reputational and other risks for the lender in the Americas region has discussed ways in which it could rid the bank of these last vestiges of the relationship, two of the three bank officials said. The bank has over the years lent Trump more than $2 billion, one of the officials said. One idea that has come up in the meetings: sell the loans in the secondary market, two of the bank officials said. But one of the officials said that idea has not gained traction, in part because it is not clear who would want to buy the loans and the attendant problems that come with it. While it was known that Deutsche Bank has been closely examining its relationship with Trump, including by setting up a working group in 2016 to review the bank's relationship with him, its recent eagerness to end all ties and the contours of discussions in light of the election have not been previously reported. Deutsche Bank declined to comment. The Trump Organization did not respond to requests for comment. The White House declined to comment. Warren's warning The German bank, which first started lending to Trump in the late 1990s, has been dragged into congressional and other investigations into the real estate mogul-turned-politician's finances and alleged Russia connections. The probes and the bad press, seen by one senior executive as "serious collateral damage" from the relationship, are an unwelcome distraction for the bank, the three officials said. It comes at a time when Chief Executive Christian Sewing is trying to turn Deutsche Bank around after its decades-long run at becoming a major Wall Street bank left it nursing huge losses. Elizabeth Warren, a Democrat member of the Senate banking committee, has previously called for an investigation into Deutsche Bank over its money laundering controls and has demanded answers from the lender about its relationship with Trump and his family. She told Reuters that she intended to keep pushing for a probe in the next administration. "You bet I'm going to continue to fight for accountability and strong enforcement of our banking laws, especially for giant institutions like Deutsche Bank," she said. What happens next for the bank rests on the outcome of Tuesday's elections, according to the three bank officials. If the Republican president loses, and Democrats take control of the White House and Congress, senior Deutsche Bank executives believe congressional investigations that have stalled amid a court battle over access to Trump's financial records could be rejuvenated, the three bank officials said. In this scenario, however, Deutsche Bank executives believe they will also have more freedom to deal with the loans and end their relationship with Trump, the officials said. They hope doing so might help reduce some of the scrutiny, they said. Different scenarios The loans, which are against Trump's golf course in Miami, and hotels in Washington and Chicago, are such that the Trump Organization has only had to pay interest on them so far, and the entire principal is outstanding, two of the three bank officials said. They come due in 2023 and 2024, the filings show. The businesses backing the loans face challenges. The coronavirus-driven economic slowdown has hit the travel industry, including hotels. Moreover, last month Reuters reported that Trump's plan to make money by developing houses and hotels on his golf courses, including the one involving the Deutsche Bank loan, had not panned out so far. The Deutsche Bank executives are not unduly concerned about Trump's ability to repay the loans, given the president's personal guarantees and the time left before they come due, the three bank officials said. If Trump is not in office, Deutsche Bank executives feel that it would be easier for them to demand repayment, foreclose if he is not able to pay it off or refinance, or try to sell the loans, according to two of the three bank officials. Since Trump has personally guaranteed all the loans, Deutsche Bank could also seize the president's assets if he is unable to repay, two of the three bank officials said. If Trump wins a second term, Deutsche Bank executives feel their options would be fewer, the three bank officials said. The bank wouldn't want the negative publicity inherent with seizing assets from a sitting president and would likely extend the loans until he is out of office, two of the bank officials said. The bottom line, the three bank officials said, is that the matter won’t be resolved until well after the election.

Tired of Trump, Deutsche Bank wants out but sees no good options: Sources

Deutsche Bank plans to shutter one in five branches in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.

Deutsche bank to shut 20% German branches

A fine of a $150 million fine was imposed on Deutsche Bank by a New York regulator for letting disgraced financier Jeffrey Epstein make payments to Russian models and withdraw "suspicious" amounts of money.&nbsp;

The settlement on Tuesday with the New York State Department of Financial Services (DFS) is the first such action against a financial institution for its relations with Epstein.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/jeffrey-epsteins-ex-girlfriend-and-confidant-ghislaine-maxwell-charged-and-arrested-310327">Jeffrey Epstein's ex-girlfriend and confidant Ghislaine Maxwell charged and arrested</a>

"For years, Mr. Epstein's criminal, abusive behavior was widely known, yet big institutions continued to excuse that history and lend their credibility or services for financial gain," New York Governor Andrew Cuomo, in a statement, said, reported Reuters.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/jeffrey-epsteins-first-apparent-suicide-video-deleted-273351">Jeffrey Epstein's first apparent suicide video deleted</a>

The bank "failed to adequately monitor the activity of customers that the bank itself deemed to be high risk," DFS, in a statement, said, reported DW. &nbsp;

Superintendent of Financial Services Linda Lacewell said despite knowing Epstein's "terrible criminal history", Deutsche Bank "inexcusably" failed to prevent or detect millions of dollars worth "suspicious transactions".&nbsp;

The transactions approved by Deutsche Bank, included payments to Russian models and women who have Eastern European surnames, victims, alleged co-conspirators, and "suspicious" cash withdrawals averaging $200,000 annually.

Epstein was a customer of the German bank from August 2013 to December 2018 and their ties ended following the scandals related to him picked up pace.&nbsp;

Two Deutsche Bank employees visited the disgraced financier in 2015 and inquired about the new allegations of sex with minor girls, as per a consent order.

However, they seemed "satisfied" with Epstein's response and did not do anything to verify the accusations, it further said.&nbsp; 
&nbsp;

A fine of a $150 million fine was imposed on Deutsche Bank by a New York regulator for letting disgraced financier Jeffrey Epstein make payments to Russian models and withdraw "suspicious" amounts of money.

A fine of a $150 million fine was imposed on Deutsche Bank by a New York regulator for letting disgraced financier Jeffrey Epstein make payments to Russian models and withdraw "suspicious" amounts of money. The settlement on Tuesday with the New York State Department of Financial Services (DFS) is the first such action against a financial institution for its relations with Epstein. Also read | Jeffrey Epstein's ex-girlfriend and confidant Ghislaine Maxwell charged and arrested "For years, Mr. Epstein's criminal, abusive behavior was widely known, yet big institutions continued to excuse that history and lend their credibility or services for financial gain," New York Governor Andrew Cuomo, in a statement, said, reported Reuters. Also read | Jeffrey Epstein's first apparent suicide video deleted The bank "failed to adequately monitor the activity of customers that the bank itself deemed to be high risk," DFS, in a statement, said, reported DW. Superintendent of Financial Services Linda Lacewell said despite knowing Epstein's "terrible criminal history", Deutsche Bank "inexcusably" failed to prevent or detect millions of dollars worth "suspicious transactions". The transactions approved by Deutsche Bank, included payments to Russian models and women who have Eastern European surnames, victims, alleged co-conspirators, and "suspicious" cash withdrawals averaging $200,000 annually. Epstein was a customer of the German bank from August 2013 to December 2018 and their ties ended following the scandals related to him picked up pace. Two Deutsche Bank employees visited the disgraced financier in 2015 and inquired about the new allegations of sex with minor girls, as per a consent order. However, they seemed "satisfied" with Epstein's response and did not do anything to verify the accusations, it further said.

Deutsche Bank fined $150 million over links with Jeffrey Epstein

US President Donald Trump's family company is asking creditors such as Deutsche Bank if it can delay loan payments as the economic impact of the coronavirus pandemic deepens, The New York Times reported Thursday.&nbsp;

The Trump Organization -- the conglomerate of companies created by Trump and now run by his sons -- is, like many others, losing money as the restrictions put in place to lessen the spread of deadly COVID-19 bring the US to a grinding halt.

The New York Times said the Trump Organisation contacted Deutsche Bank, seen as the only major lender willing to do business with the company, at the end of March to ask about extending some repayment deadlines.&nbsp;

"These days, everybody is working together," Trump's son Eric, the Organization's executive vice president, said in a statement sent to AFP.

"Tenants are working with landlords -- landlords are working with banks. The whole world is working together as we fight through this pandemic," the statement continued.&nbsp;

The Trump Organisation still owes Deutsche Bank several hundred million dollars, according to the Times.&nbsp;

The group, whose main business is real estate development, also contacted Palm Beach County to see if it could suspend rent payments on land occupied by the Trump International Golf Club, a 27-hole course and clubhouse on more than 120 hectares.&nbsp;

Negotiations have so far not led to any change in the financial conditions of the Trump Organization.&nbsp;

Eric Trump and his brother Donald Jr took over the organization after their father's inauguration.&nbsp;

US President Donald Trump's family company is asking creditors such as Deutsche Bank if it can delay loan payments as the economic impact of the coronavirus pandemic deepens, The New York Times reported Thursday.

US President Donald Trump's family company is asking creditors such as Deutsche Bank if it can delay loan payments as the economic impact of the coronavirus pandemic deepens, The New York Times reported Thursday. The Trump Organization -- the conglomerate of companies created by Trump and now run by his sons -- is, like many others, losing money as the restrictions put in place to lessen the spread of deadly COVID-19 bring the US to a grinding halt. The New York Times said the Trump Organisation contacted Deutsche Bank, seen as the only major lender willing to do business with the company, at the end of March to ask about extending some repayment deadlines. "These days, everybody is working together," Trump's son Eric, the Organization's executive vice president, said in a statement sent to AFP. "Tenants are working with landlords -- landlords are working with banks. The whole world is working together as we fight through this pandemic," the statement continued. The Trump Organisation still owes Deutsche Bank several hundred million dollars, according to the Times. The group, whose main business is real estate development, also contacted Palm Beach County to see if it could suspend rent payments on land occupied by the Trump International Golf Club, a 27-hole course and clubhouse on more than 120 hectares. Negotiations have so far not led to any change in the financial conditions of the Trump Organization. Eric Trump and his brother Donald Jr took over the organization after their father's inauguration.

Trump Organisation, hit by coronavirus, tries to delay loan payments: Report

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on <a href="https://www.wionews.com/world/details-of-us-china-deal-to-be-published-after-signing-white-house-273483">Phase One</a>&nbsp;China-US&nbsp;trade deal, although markets have yet to see the details of the agreement.

<a href="https://www.wionews.com/business-economy/nifty-sensex-headed-for-weekly-gain-as-mideast-tensions-ease-273346">MSCI's broadest index</a> of Asia-Pacific shares outside Japan was 0.47 per cent&nbsp;higher, touching its highest point since June 2018. Japanese markets were closed for a holiday.

South Korea's trade-sensitive Kospi added 0.73 per cent&nbsp;and Hong Kong's Hang Seng was up 0.74 per cent, while Taiwan shares added 0.6 per cent&nbsp;in the first trading day after Taiwanese re-elected President <a href="https://www.wionews.com/world/hong-kongs-strengths-as-global-financial-hub-intact-despite-protests-carrie-lam-273828">Tsai Ing-wen</a> by a landslide on Saturday.

Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019.

The benchmark <a href="https://www.wionews.com/business-economy/sensex-jumps-634-points-as-us-iran-tensions-ease-auto-and-realty-stocks-gain-273229">Shanghai Composite Index</a> ended the morning session up just 0.06 per cent.

Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter.

Japan's <a href="https://www.wionews.com/business-economy/asian-shares-erase-losses-as-mideast-tensions-ease-oil-ticks-up-273093">Nikkei</a> was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting US&nbsp;military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities.

E-Mini futures for the <a href="https://www.wionews.com/business-economy/global-markets-stocks-march-back-to-record-highs-as-middle-east-tensions-ease-273438">S&amp;P 500</a> edged up 0.28 per cent, to be just off all-time highs.

The main event of the week will be the signing of the Phase One&nbsp;trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony.

"A calmer geopolitical backdrop and the signing of the US‑China Phase One&nbsp;agreement is, on balance, favourable for global growth," said Joseph Capurso, an FX strategist at CBA.

"However, the 86-page Phase One&nbsp;<a href="https://www.wionews.com/world/chinas-vice-premier-liu-to-sign-us-trade-deal-next-week-in-washington-273242">agreement</a> has not yet been made public.&nbsp;There are doubts how comprehensive the deal is, and whether the Phase One&nbsp;agreement will be implemented in full by both governments."

Washington has reserved the right to reimpose tariffs if it judges China is not abiding by the deal.

"If there is any surprise from the Phase One&nbsp;deal&nbsp;that may actually cause some kind of volatility," said Tommy Xie, economist and head of greater China research at OCBC in Singapore.

"People are really focused on whether China is really committed to purchasing additional $200 billion in goods and services from the US&nbsp;over the next two years, there's not much commitment from China yet."

Xie said China's fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw close scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures.

<a href="https://www.wionews.com/business-economy/sp-500-snaps-win-streak-as-middle-east-tensions-push-down-wall-street-272037">Wall Street</a> slipped and bonds rallied on Friday when data showed US&nbsp;nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft.

"This is the perfect employment report for the Fed to continue to run the economy 'hot', as views on the natural rate of unemployment continue to drop," said Alan Ruskin, Deutsche Bank's global head of FX strategy. "This is perfect for risky assets."&nbsp;

On Monday, the euro gained 0.06 per cent&nbsp;to $1.1126, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance.

The dollar was firm on the yen at 109.61 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months.

Against a basket of currencies, the dollar was stuck at 97.357, well within the recent trading range of 96.355 to 97.817.

The pound dipped 0.18 per cent&nbsp;to $1.3035 after <a href="https://www.wionews.com/business-economy/bank-of-england-sam-woods-warns-financial-sector-may-crackdown-273799">Bank of England</a> policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in the growth data.

Spot gold slipped 0.37 per cent to $1,556.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of <a href="https://www.wionews.com/world/do-not-kill-your-protesters-us-president-trump-to-iranian-authorities-273818">Iran-US&nbsp;tensions</a>.

Oil prices were slightly firmer after suffering the first weekly loss since late November.&nbsp;

<a href="https://www.wionews.com/business-economy/oil-edges-above-65-as-middle-east-concerns-support-273441">Brent crude</a> futures were up 6 cents at $65.04 a barrel, while US&nbsp;crude added 10 cents to $59.14 a barrel.

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on Phase One China-US trade deal, although markets have yet to see the details of the agreement.

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on Phase One China-US trade deal, although markets have yet to see the details of the agreement. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.47 per cent higher, touching its highest point since June 2018. Japanese markets were closed for a holiday. South Korea's trade-sensitive Kospi added 0.73 per cent and Hong Kong's Hang Seng was up 0.74 per cent, while Taiwan shares added 0.6 per cent in the first trading day after Taiwanese re-elected President Tsai Ing-wen by a landslide on Saturday. Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019. The benchmark Shanghai Composite Index ended the morning session up just 0.06 per cent. Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter. Japan's Nikkei was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting US military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities. E-Mini futures for the S&P 500 edged up 0.28 per cent, to be just off all-time highs. The main event of the week will be the signing of the Phase One trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony. "A calmer geopolitical backdrop and the signing of the US‑China Phase One agreement is, on balance, favourable for global growth," said Joseph Capurso, an FX strategist at CBA. "However, the 86-page Phase One agreement has not yet been made public. There are doubts how comprehensive the deal is, and whether the Phase One agreement will be implemented in full by both governments." Washington has reserved the right to reimpose tariffs if it judges China is not abiding by the deal. "If there is any surprise from the Phase One deal that may actually cause some kind of volatility," said Tommy Xie, economist and head of greater China research at OCBC in Singapore. "People are really focused on whether China is really committed to purchasing additional $200 billion in goods and services from the US over the next two years, there's not much commitment from China yet." Xie said China's fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw close scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures. Wall Street slipped and bonds rallied on Friday when data showed US nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft. "This is the perfect employment report for the Fed to continue to run the economy 'hot', as views on the natural rate of unemployment continue to drop," said Alan Ruskin, Deutsche Bank's global head of FX strategy. "This is perfect for risky assets." On Monday, the euro gained 0.06 per cent to $1.1126, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance. The dollar was firm on the yen at 109.61 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months. Against a basket of currencies, the dollar was stuck at 97.357, well within the recent trading range of 96.355 to 97.817. The pound dipped 0.18 per cent to $1.3035 after Bank of England policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in the growth data. Spot gold slipped 0.37 per cent to $1,556.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of Iran-US tensions. Oil prices were slightly firmer after suffering the first weekly loss since late November. Brent crude futures were up 6 cents at $65.04 a barrel, while US crude added 10 cents to $59.14 a barrel.

Asian shares rise ahead of US-China 'phase one' trade deal

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">chief executive stepped down</a> and announced the axing 4,000 posts citing a weak global outlook.

The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.

"We've known for years that we need to do something about our cost base, the largest component of which is people -&nbsp;now we are finally grasping the nettle," the paper quoted an unnamed source as saying.

"There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia."

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion.

It is due to report third-quarter earnings at the end of October.

The cost-cutting drive is in line with other lenders who are battling global headwinds.

US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts -&nbsp;a tenth of its workforce -&nbsp;and shut 200 branches as it restructures.

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank has announced 18,000 job cuts</a> and France's Societe Generale 1,600.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported. "We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle," the paper quoted an unnamed source as saying. "There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia." The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision. At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil. Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion. It is due to report third-quarter earnings at the end of October. The cost-cutting drive is in line with other lenders who are battling global headwinds. US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook. Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers. And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts - a tenth of its workforce - and shut 200 branches as it restructures. Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

HSBC planning to cut 10,000 more jobs: Report

Deutsche Bank&nbsp;is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.

The German lender's<a href="https://www.wionews.com/world/us-congressional-probe-finds-possible-lapses-in-deutsche-bank-controls-report-247969"> legacy IT systems have been blamed in part for the bank's failure</a> to control costs and for its slow progress in keeping up with the wave of financial technology innovation across the industry.

Technology has long been a problem for Deutsche Bank. Former Chief Executive John Cryan complained in 2015 about "lousy systems" and "very slow processes", and former operations chief Kim Hammonds last year described Deutsche as "vastly complex" and the "most dysfunctional" workplace she has known.

The central technology division announced on Monday will be led by Bernd Leukert, overseeing tech security, data and innovation functions among others, the bank said in a note to employees seen by Reuters.

"At its heart, our technology strategy empowers our businesses to control 'what' is produced, while technology has control of the 'how'. In the past, the 'how' offered too much optionality and did not consistently follow group-wide architecture and tooling," it said.

The lender also established a board-level Technology, Data and Innovation Committee in May and has vowed to invest $14.2 billion&nbsp;in technology by 2022.

It will be doing so amid a technology arms race in banking. Research from UBS this year found that JPMorgan&nbsp;has budgeted $11.4 billion for technology in 2019 alone.

In its note to staff, <a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank also said that moving systems to the cloud</a> would not happen overnight, meaning it would continue to invest in legacy infrastructure on which it operates today.

However, it pledged to continue to reduce the number of applications and barriers to technology functions.

"We have a bank-wide commitment to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff," it said.

Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.

Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years. The German lender's legacy IT systems have been blamed in part for the bank's failure to control costs and for its slow progress in keeping up with the wave of financial technology innovation across the industry. Technology has long been a problem for Deutsche Bank. Former Chief Executive John Cryan complained in 2015 about "lousy systems" and "very slow processes", and former operations chief Kim Hammonds last year described Deutsche as "vastly complex" and the "most dysfunctional" workplace she has known. The central technology division announced on Monday will be led by Bernd Leukert, overseeing tech security, data and innovation functions among others, the bank said in a note to employees seen by Reuters. "At its heart, our technology strategy empowers our businesses to control 'what' is produced, while technology has control of the 'how'. In the past, the 'how' offered too much optionality and did not consistently follow group-wide architecture and tooling," it said. The lender also established a board-level Technology, Data and Innovation Committee in May and has vowed to invest $14.2 billion in technology by 2022. It will be doing so amid a technology arms race in banking. Research from UBS this year found that JPMorgan has budgeted $11.4 billion for technology in 2019 alone. In its note to staff, Deutsche Bank also said that moving systems to the cloud would not happen overnight, meaning it would continue to invest in legacy infrastructure on which it operates today. However, it pledged to continue to reduce the number of applications and barriers to technology functions. "We have a bank-wide commitment to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff," it said.

Deutsche Bank in strategy shift to address tech woes

The US congressional investigators have identified possible failures in Deutsche Bank AG's money-laundering controls in its dealings with Russian oligarchs after the lender handed over a trove of transaction records, emails and other documents, three people familiar with the matter said.

The congressional inquiry found instances where Deutsche Bank staff in the United States and elsewhere flagged concerns about new Russian clients and transactions involving existing ones but was ignored by managers, two of the people said.

Lawmakers are also examining whether Deutsche Bank facilitated the funnelling of illegal funds into the United States as a correspondent bank, where it processes transactions for others, one of the sources said.

The congressional probe, whose initial findings have not been previously reported, is at an early stage, and it is not yet clear whether it will lead to any action against the bank, the three sources said.

A Deutsche Bank spokesman, Troy Gravitt, said the bank cannot comment on the work of the congressional committees but remains committed to cooperating with authorized investigations.

Addressing past deficiencies in the bank's controls, the spokesman said: "We have worked to address them, taken disciplinary measures with regards to certain individuals and reviewed our client onboarding and monitoring processes."

The House of Representatives Financial Services Committee declined to comment.

The Democrat-controlled House began examining possible money laundering in US property deals involving President Donald Trump, a Republican, earlier this year. The lawmakers are also looking into whether Trump's dealings left him subject to the influence of foreign individuals or governments.

The White House and a Trump Organization spokeswoman, Amanda Miller, did not respond to requests for comment.

Deutsche Bank has been drawn into the inquiry as Trump's biggest lender and submitted documents to investigators in response to a subpoena.

The stakes are high for the German lender, which is trying to engineer a turnaround under Chief Executive Officer Christian Sewing after a multi-year bet on building a global investment banking business unravelled.

Graham Barrow, a financial crime consultant, said that while the bank had since sought to reform, it had taken too many risks in countries such as Russia.

"The bank decided to go for becoming a global investment bank," Barrow said. "They were compromised."

Deutsche Bank declined to comment on Barrow's view.

In 2017, Deutsche Bank agreed to pay regulators in the United States and Britain $630 million in fines for organizing $10 billion in sham trades that could have been used to launder money out of Russia. Two of the sources said that the preliminary findings of the congressional investigators may have some overlap with that case but also include lapses unrelated to that matter.

New evidence thrown up by the congressional probe could feed into further investigations by other authorities, regulatory experts said.

If evidence of wrongdoing is found, it could also harm the bank's efforts to strengthen its relationships with US regulators and deter investors concerned about the possibility of future regulatory sanctions. Deutsche Bank's shares hit an all-time low last month.

Congressional subpeona

Earlier this year, the House Financial Services Committee served a 12-page subpoena on Deutsche Bank. Reuters has seen a version with portions blacked out.

Lawmakers requested documents that identify "any financial relationship, transactions, or ties" between Trump, his family members and his companies and "any foreign individual, entity, or government", according to the subpoena.

It also asks for hundreds of documents relating to other bank clients, including Russian oligarchs, the three sources said. These documents include account applications, know-your-client money laundering checks, internal assessments of "suspicious activity", as well as information about loans and mortgages, according to the subpoena.

Although Trump has challenged the release of his banking records in court, in April Deutsche started handing over information that is not directly related to the president and is continuing to do so, one of the people said.

That includes material prepared by bank staff for filing so-called suspicious activity reports to the US Treasury Department and documents about Russian deals circulated among the bank's management and reputational risk committee, one person said.

The bank has also assembled a large amount of the subpoenaed Trump material, pending the court's decision on whether it should be released, the three people said.

The House Financial Services Committee will continue its investigation of Deutsche Bank's money laundering processes regardless of whether the court rules the lender should hand over the Trump documents to investigators, three sources familiar with the investigation said.

The US congressional investigators have identified possible failures in Deutsche Bank AG's money-laundering controls in its dealings with Russian oligarchs after the lender handed over a trove of transaction records, emails and other documents, three people familiar with the matter said.

The US congressional investigators have identified possible failures in Deutsche Bank AG's money-laundering controls in its dealings with Russian oligarchs after the lender handed over a trove of transaction records, emails and other documents, three people familiar with the matter said. The congressional inquiry found instances where Deutsche Bank staff in the United States and elsewhere flagged concerns about new Russian clients and transactions involving existing ones but was ignored by managers, two of the people said. Lawmakers are also examining whether Deutsche Bank facilitated the funnelling of illegal funds into the United States as a correspondent bank, where it processes transactions for others, one of the sources said. The congressional probe, whose initial findings have not been previously reported, is at an early stage, and it is not yet clear whether it will lead to any action against the bank, the three sources said. A Deutsche Bank spokesman, Troy Gravitt, said the bank cannot comment on the work of the congressional committees but remains committed to cooperating with authorized investigations. Addressing past deficiencies in the bank's controls, the spokesman said: "We have worked to address them, taken disciplinary measures with regards to certain individuals and reviewed our client onboarding and monitoring processes." The House of Representatives Financial Services Committee declined to comment. The Democrat-controlled House began examining possible money laundering in US property deals involving President Donald Trump, a Republican, earlier this year. The lawmakers are also looking into whether Trump's dealings left him subject to the influence of foreign individuals or governments. The White House and a Trump Organization spokeswoman, Amanda Miller, did not respond to requests for comment. Deutsche Bank has been drawn into the inquiry as Trump's biggest lender and submitted documents to investigators in response to a subpoena. The stakes are high for the German lender, which is trying to engineer a turnaround under Chief Executive Officer Christian Sewing after a multi-year bet on building a global investment banking business unravelled. Graham Barrow, a financial crime consultant, said that while the bank had since sought to reform, it had taken too many risks in countries such as Russia. "The bank decided to go for becoming a global investment bank," Barrow said. "They were compromised." Deutsche Bank declined to comment on Barrow's view. In 2017, Deutsche Bank agreed to pay regulators in the United States and Britain $630 million in fines for organizing $10 billion in sham trades that could have been used to launder money out of Russia. Two of the sources said that the preliminary findings of the congressional investigators may have some overlap with that case but also include lapses unrelated to that matter. New evidence thrown up by the congressional probe could feed into further investigations by other authorities, regulatory experts said. If evidence of wrongdoing is found, it could also harm the bank's efforts to strengthen its relationships with US regulators and deter investors concerned about the possibility of future regulatory sanctions. Deutsche Bank's shares hit an all-time low last month. Congressional subpeona Earlier this year, the House Financial Services Committee served a 12-page subpoena on Deutsche Bank. Reuters has seen a version with portions blacked out. Lawmakers requested documents that identify "any financial relationship, transactions, or ties" between Trump, his family members and his companies and "any foreign individual, entity, or government", according to the subpoena. It also asks for hundreds of documents relating to other bank clients, including Russian oligarchs, the three sources said. These documents include account applications, know-your-client money laundering checks, internal assessments of "suspicious activity", as well as information about loans and mortgages, according to the subpoena. Although Trump has challenged the release of his banking records in court, in April Deutsche started handing over information that is not directly related to the president and is continuing to do so, one of the people said. That includes material prepared by bank staff for filing so-called suspicious activity reports to the US Treasury Department and documents about Russian deals circulated among the bank's management and reputational risk committee, one person said. The bank has also assembled a large amount of the subpoenaed Trump material, pending the court's decision on whether it should be released, the three people said. The House Financial Services Committee will continue its investigation of Deutsche Bank's money laundering processes regardless of whether the court rules the lender should hand over the Trump documents to investigators, three sources familiar with the investigation said.

US congressional probe finds possible lapses in Deutsche Bank controls: Report

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany's embattled biggest lender, violated foreign financial laws in its work for 1MDB, American media reported Wednesday.

The department is looking into whether <a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Deutsche Bank</a> broke foreign corruption or anti-money laundering laws through its work for 1MDB, which included helping the Malaysian fundraise $1.2 billion in 2014 as concern's about its management and financials had begun to circulate, The Wall Street Journal reported.

Billions of dollars were looted from the investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in a fraud allegedly involving disgraced <a href="https://www.wionews.com/opinions/what-najib-razaks-corruption-trial-means-for-malaysia-and-the-region-207838">Malaysian ex-premier Najib Razak</a> and his cronies.&nbsp;

The investigation into Deutsche Bank has been helped by former Goldman Sachs banker Tim Leissner, who pled guilty to his involvement in the 1MDB scandal, the Journal reported.

Prosecutors are looking into the role of Leissner's former colleague Tan Boon-Kee, who also worked as Deutsche Bank's Asia Pacific head of banking for financial institution clients, the newspaper said.

Tan left Deutsche Bank last year after it was discovered she had been in contact with Jho Low, the Malaysian financier who allegedly played a central role in the fraud, according to the Journal.

Deutsche Bank has "cooperated fully" with the investigation, it said in a statement and claims it was misled by 1MDB.

"1MDB made 'material misrepresentations and omissions to Deutsche Bank officials' in connection with 1MDB's transactions with the bank," the statement said, citing Justice Department documents.

Deutsche Bank is already in trouble in the US, after top Senate Democrats in June asked the Federal Reserve to scrutinize the lender over allegedly suspicious transactions tied to President Donald Trump and his son-in-law Jared Kushner.

Democratic lawmakers suspected the bank staff of deliberately suppressing warnings of suspicious activities.

The bank also announced Sunday it would make 18,000 job cuts by 2022 about one-fifth of its workforce as it seeks to escape years of turmoil and return to sustained profits.

The new round of job cuts comes on top of some 6,000 already carried out over the past year.&nbsp;

The restructuring could be the last chance for Deutsche Bank after much-hyped merger talks with Frankfurt rival Commerzbank fell through earlier this year. 
&nbsp;

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany's embattled biggest lender, violated foreign financial laws in its work for 1MDB, American media reported Wednesday.

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany's embattled biggest lender, violated foreign financial laws in its work for 1MDB, American media reported Wednesday. The department is looking into whether Deutsche Bank broke foreign corruption or anti-money laundering laws through its work for 1MDB, which included helping the Malaysian fundraise $1.2 billion in 2014 as concern's about its management and financials had begun to circulate, The Wall Street Journal reported. Billions of dollars were looted from the investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in a fraud allegedly involving disgraced Malaysian ex-premier Najib Razak and his cronies. The investigation into Deutsche Bank has been helped by former Goldman Sachs banker Tim Leissner, who pled guilty to his involvement in the 1MDB scandal, the Journal reported. Prosecutors are looking into the role of Leissner's former colleague Tan Boon-Kee, who also worked as Deutsche Bank's Asia Pacific head of banking for financial institution clients, the newspaper said. Tan left Deutsche Bank last year after it was discovered she had been in contact with Jho Low, the Malaysian financier who allegedly played a central role in the fraud, according to the Journal. Deutsche Bank has "cooperated fully" with the investigation, it said in a statement and claims it was misled by 1MDB. "1MDB made 'material misrepresentations and omissions to Deutsche Bank officials' in connection with 1MDB's transactions with the bank," the statement said, citing Justice Department documents. Deutsche Bank is already in trouble in the US, after top Senate Democrats in June asked the Federal Reserve to scrutinize the lender over allegedly suspicious transactions tied to President Donald Trump and his son-in-law Jared Kushner. Democratic lawmakers suspected the bank staff of deliberately suppressing warnings of suspicious activities. The bank also announced Sunday it would make 18,000 job cuts by 2022 about one-fifth of its workforce as it seeks to escape years of turmoil and return to sustained profits. The new round of job cuts comes on top of some 6,000 already carried out over the past year. The restructuring could be the last chance for Deutsche Bank after much-hyped merger talks with Frankfurt rival Commerzbank fell through earlier this year.

US Justice department investigating Deutsche Bank over 1MDB connection: Report

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

With global macroeconomic clouds looming and critical policy signals due from <a href="https://www.wionews.com/world/herman-cain-withdraws-from-consideration-for-federal-reserve-board-seat-donald-trump-212699">US Federal Reserve</a> chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks.

Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China.

<a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Deutsche Bank</a> tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower.

"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note.

It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory.

"Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason."

In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks.

US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.

The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month.

The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June.

"It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets.

"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced."

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks.

Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China.

Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower.

"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note.

It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory.

"Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason."

In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks.

US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.

The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month.

The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June.

"It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets.

"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced."

Brexit Factor

Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19.

Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent.

Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months.

In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent.

Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46.

Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce.

Wall Street futures were 0.4 per cent to 0.6 percent lower.

Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19.

Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent.

Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months.

In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent.

Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46.

Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce.

Wall Street futures were 0.4 per cent to 0.6 percent lower.

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month. With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks. Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China. Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower. "Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory. "Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason." In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks. US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago. The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June. "It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced." World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month. With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks. Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China. Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower. "Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory. "Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason." In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks. US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago. The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June. "It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced." Brexit Factor Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19. Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent. Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months. In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent. Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46. Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce. Wall Street futures were 0.4 per cent to 0.6 percent lower. Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19. Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent. Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months. In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent. Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46. Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce. Wall Street futures were 0.4 per cent to 0.6 percent lower.

World stocks drop for third day, BASF warning stings Europe

Deutsche Finally takes a Restructuring call. Bank aims to reduce $19b billion through restructuring

Deutsche Finally takes a Restructuring call

<a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Germany's biggest lender Deutsche Bank</a> said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.

The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.

The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period.

"Today we have announced the most fundamental transformation of Deutsche Bank in decades," <a href="https://www.wionews.com/world/crisis-hit-deutsche-bank-pushes-out-british-ceo-129238">chief executive Christian Sewing</a> said, dubbing the scheme "a restart for Deutsche Bank".

The lender did not immediately make clear where the axe would fall.

But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany.

The new round of job cuts comes on top of some 6,000 already carried out over the past year.

Bosses expect the restructuring plan to sap second-quarter results by some three billion euros this year, making for a net loss of 2.8 billion.

Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability in 2018.

The bank does not plan to pay out dividends this year or next.

Last chance

The restructuring could be the last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year.

Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared to see a vital link in the financing of the country's economy bought up from abroad.

Over the past four years, the firm's market capitalization has fallen by 75 percent, making it a potential target for takeovers by bigger fish.

As markets closed Friday, Deutsche was worth 15 billion euros ($17 billion), placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (165 billion euros), Spain's Banco Santander (69 billion) and France's BNP Paribas (54 billion).

"Deutsche plays in the first division and should lay the foundations for things to stay that way" over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild's Sunday edition.

Since he took the helm in early 2018, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses.

Meanwhile, Deutsche's focus has shifted from its attempt to compete with US-based global giants back to its home turf of Germany and Europe.

Investment banking burned&nbsp;

In particular, tough cuts to the former flagship investment banking unit have been on the agenda since May.

Sunday's announcements target the once-proud division.

Deutsche will stop almost all share trading activity and is in talks with France's BNP Paribas to sell off some of its business and staff in the field.

On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door.

The unit's business had fallen back by 20 percent in the first quarter of 2018 alone, and it was no longer bringing in the fat profits of former years.

Especially in the US, it was for years plagued by lawsuits and scandals, including some linked to the so-called "Panama Papers" leak of sensitive documents about offshore dealings.

On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives.

The group will also create a so-called "bad bank" unit to host some 74 billion euros of low-quality assets, notably those linked to derivatives transactions -- highly speculative financial products.

Deutsche's woes are a microcosm of a struggling German banking sector that was once widely envied.

Last year, more than 32,000 jobs were cut in the industry, or 5.4 percent of the total workforce of 565,000, according to Barkow Consulting figures.

Bosses complain that low interest rates in the eurozone, sluggish economic growth, and competition from new online platforms are sapping their performance. 
&nbsp;

Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.

Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany. The new round of job cuts comes on top of some 6,000 already carried out over the past year. Bosses expect the restructuring plan to sap second-quarter results by some three billion euros this year, making for a net loss of 2.8 billion. Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability in 2018. The bank does not plan to pay out dividends this year or next. Last chance The restructuring could be the last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year. Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared to see a vital link in the financing of the country's economy bought up from abroad. Over the past four years, the firm's market capitalization has fallen by 75 percent, making it a potential target for takeovers by bigger fish. As markets closed Friday, Deutsche was worth 15 billion euros ($17 billion), placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (165 billion euros), Spain's Banco Santander (69 billion) and France's BNP Paribas (54 billion). "Deutsche plays in the first division and should lay the foundations for things to stay that way" over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild's Sunday edition. Since he took the helm in early 2018, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses. Meanwhile, Deutsche's focus has shifted from its attempt to compete with US-based global giants back to its home turf of Germany and Europe. Investment banking burned In particular, tough cuts to the former flagship investment banking unit have been on the agenda since May. Sunday's announcements target the once-proud division. Deutsche will stop almost all share trading activity and is in talks with France's BNP Paribas to sell off some of its business and staff in the field. On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door. The unit's business had fallen back by 20 percent in the first quarter of 2018 alone, and it was no longer bringing in the fat profits of former years. Especially in the US, it was for years plagued by lawsuits and scandals, including some linked to the so-called "Panama Papers" leak of sensitive documents about offshore dealings. On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives. The group will also create a so-called "bad bank" unit to host some 74 billion euros of low-quality assets, notably those linked to derivatives transactions -- highly speculative financial products. Deutsche's woes are a microcosm of a struggling German banking sector that was once widely envied. Last year, more than 32,000 jobs were cut in the industry, or 5.4 percent of the total workforce of 565,000, according to Barkow Consulting figures. Bosses complain that low interest rates in the eurozone, sluggish economic growth, and competition from new online platforms are sapping their performance.

Deutsche Bank to slash 18,000 jobs by 2022

&nbsp;Global stocks were in a muted mood on Monday after strong US job gains tempered expectations the Federal Reserve will deliver a large rate cut, while <a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank </a>shares turned negative as it launched a major restructuring.

The sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easing to offset weaker economic data.

In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move that fuelled worries about monetary policy independence.

After earlier touching their highest level since early May, Deutsche Bank shares slumped 3.3% as investor enthusiasm fizzled out for the bank's move to cut 18,000 jobs around the world as part of a restructuring plan that will cost 7.4 billion euros.

European stocks moved little, with the pan-European STOXX 600 index adding 0.04%.

Among top movers on the STOXX 600 were TGS Nopec, up 6.7% on a well-received earnings update.

US futures pointed to a lower opening for Wall Street, with E-Minis for the S&amp;P500 at -0.2%.

In Asia, there was a wide sell-off in stocks, with MSCI's broadest index of Asia-Pacific shares outside Japan losing 1.4% and China's blue-chip CSI300 index down 2.32%, its biggest daily loss since May 17.

"We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan Stanley's London-based strategist Andrew Sheets said in a note. The previous range was "neutral".

Expensive valuations and pressure on earnings were among the reasons for the downgrade, Sheets said, while the bank increased its exposure to emerging markets sovereign credit and safe haven <a href="https://www.wionews.com/business-economy/asian-shares-fall-as-bets-off-on-sharp-us-rate-cuts-233889">Japanese government bonds</a>.

Since the start of the year, global equities have generally been bolstered by expectations that central banks will keep interesting rates at or near record lows to boost economic growth.

Those expectations were tempered by a US labour report on Friday that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world's largest economy still had some fire.

Given the strength shown in that data, investors now expect US Federal Reserve Chairman Jerome Powell to go slow on rate cuts this year.

"The re-adjustment in expectations did push the dollar higher and had a negative effect on Asia but Europe has been supported by investors saying 'whatever the Fed does, the ECB (European Central Bank) will still cut'," said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.

Trading is expected to be subdued ahead of Powell's semi-annual testimony to the US Congress on Wednesday, which will provide further clues on the near-term outlook for monetary policy.

The Greek stock index rallied at the open to hit a new February 2015 high before erasing gains and slipping 1.3% as traders booked profits after Greece's opposition conservatives returned to power with a landslide victory in snap elections on Sunday.

Greek 10-year bond yields fell by 14 basis points in early trade to hit new all-time lows of 2.016%, reversing the 12 basis point yield rise on Friday.

Currencies and geopolitics

There was some positive news on the protracted China-US trade war, with White House Economic adviser Larry Kudlow confirming that top representatives from the United States and China will meet in the coming week for trade talks.

"Whether the negotiators can find a solution to the difficult structural issues that remain between the two sides is another matter, and Kudlow cautioned there was 'no timeline' to reach an agreement," National Australia Bank strategist Rodrigo Catril said.

In currency markets, the action was in the Turkish lira which weakened as much as 2% against the dollar after Turkey's central bank governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal.

Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.

The dollar index stood at 97.233, down marginally on the day but near the 3-week high of 97.443 hits on Friday.

The euro, which dropped to $1.1208 on Friday, traded at $1.1225, unchanged on the day.

After hitting a six-month low to the dollar on Friday as a result of poor economic data and a rise in expectations that the Bank of England will cut interest rates, the British pound edged down to $1.2530.

Geopolitics may be in focus this week following news on Sunday that Iran will boost its uranium enrichment, in breach of a cap set by a landmark 2015 nuclear deal.

"So far US.-Iran tensions have not had a material impact on markets, but if tensions escalate it could be a different story," said NAB's Catril.

In commodity markets, oil prices edged down with Brent crude futures down 0.09% to $64.18. USA West Texas Intermediate (WTI) was 0.12% down at $57.44 a barrel.

Spot gold gained 0.4% to $1,404.48 an ounce.

Global stocks were in a muted mood on Monday after strong US job gains tempered expectations the Federal Reserve will deliver a large rate cut, while Deutsche Bank shares turned negative as it launched a major restructuring.

Global stocks were in a muted mood on Monday after strong US job gains tempered expectations the Federal Reserve will deliver a large rate cut, while Deutsche Bank shares turned negative as it launched a major restructuring. The sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easing to offset weaker economic data. In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move that fuelled worries about monetary policy independence. After earlier touching their highest level since early May, Deutsche Bank shares slumped 3.3% as investor enthusiasm fizzled out for the bank's move to cut 18,000 jobs around the world as part of a restructuring plan that will cost 7.4 billion euros. European stocks moved little, with the pan-European STOXX 600 index adding 0.04%. Among top movers on the STOXX 600 were TGS Nopec, up 6.7% on a well-received earnings update. US futures pointed to a lower opening for Wall Street, with E-Minis for the S&P500 at -0.2%. In Asia, there was a wide sell-off in stocks, with MSCI's broadest index of Asia-Pacific shares outside Japan losing 1.4% and China's blue-chip CSI300 index down 2.32%, its biggest daily loss since May 17. "We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan Stanley's London-based strategist Andrew Sheets said in a note. The previous range was "neutral". Expensive valuations and pressure on earnings were among the reasons for the downgrade, Sheets said, while the bank increased its exposure to emerging markets sovereign credit and safe haven Japanese government bonds. Since the start of the year, global equities have generally been bolstered by expectations that central banks will keep interesting rates at or near record lows to boost economic growth. Those expectations were tempered by a US labour report on Friday that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world's largest economy still had some fire. Given the strength shown in that data, investors now expect US Federal Reserve Chairman Jerome Powell to go slow on rate cuts this year. "The re-adjustment in expectations did push the dollar higher and had a negative effect on Asia but Europe has been supported by investors saying 'whatever the Fed does, the ECB (European Central Bank) will still cut'," said Andrew Milligan, head of global strategy at Aberdeen Standard Investments. Trading is expected to be subdued ahead of Powell's semi-annual testimony to the US Congress on Wednesday, which will provide further clues on the near-term outlook for monetary policy. The Greek stock index rallied at the open to hit a new February 2015 high before erasing gains and slipping 1.3% as traders booked profits after Greece's opposition conservatives returned to power with a landslide victory in snap elections on Sunday. Greek 10-year bond yields fell by 14 basis points in early trade to hit new all-time lows of 2.016%, reversing the 12 basis point yield rise on Friday. Currencies and geopolitics There was some positive news on the protracted China-US trade war, with White House Economic adviser Larry Kudlow confirming that top representatives from the United States and China will meet in the coming week for trade talks. "Whether the negotiators can find a solution to the difficult structural issues that remain between the two sides is another matter, and Kudlow cautioned there was 'no timeline' to reach an agreement," National Australia Bank strategist Rodrigo Catril said. In currency markets, the action was in the Turkish lira which weakened as much as 2% against the dollar after Turkey's central bank governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal. Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy. The dollar index stood at 97.233, down marginally on the day but near the 3-week high of 97.443 hits on Friday. The euro, which dropped to $1.1208 on Friday, traded at $1.1225, unchanged on the day. After hitting a six-month low to the dollar on Friday as a result of poor economic data and a rise in expectations that the Bank of England will cut interest rates, the British pound edged down to $1.2530. Geopolitics may be in focus this week following news on Sunday that Iran will boost its uranium enrichment, in breach of a cap set by a landmark 2015 nuclear deal. "So far US.-Iran tensions have not had a material impact on markets, but if tensions escalate it could be a different story," said NAB's Catril. In commodity markets, oil prices edged down with Brent crude futures down 0.09% to $64.18. USA West Texas Intermediate (WTI) was 0.12% down at $57.44 a barrel. Spot gold gained 0.4% to $1,404.48 an ounce.

Global shares muted as prospect of sharp United States rate cut fades

Deutsche Bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in a 7.4 billion euro ($8.3 billion) "reinvention" which Germany's largest lender said would mean yet another annual loss, knocking its shares. Watch full video to know more.

WION Dispatch: Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender

The bank will also scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges.

Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank.

Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees.

In the event, the bank said it would reduce headcount to 74,000 employees by 2022.

The bank's supervisory board met on Sunday to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis. ($1 = 0.8909 euros)

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender The bank will also scrap its global equities business and scale back its investment bank.

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender The bank will also scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges. Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets. Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank. Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees. In the event, the bank said it would reduce headcount to 74,000 employees by 2022. The bank's supervisory board met on Sunday to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis. ($1 = 0.8909 euros)

Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul

Germany's largest lender Deutsche Bank failed to forward suspicions about transactions involving US President <a href="https://www.wionews.com/world/trump-sues-banks-in-bid-to-block-congress-subpoenas-214838">Donald Trump</a> to American authorities, the New York Times reported, prompting the firm to issue a categorical denial Monday.

"At no time was an investigator prevented from escalating activity identified as potentially suspicious" to the Treasury Department, a spokesman for the bank told AFP.

"The suggestion that anyone was reassigned or fired in an effort to quash concerns related to any client is categorically false," he added.

The New York Times reported Sunday that Deutsche did not follow recommendations from its own money-laundering specialists that some transactions by companies controlled by Trump and his son-in-law Jared Kushner should be flagged to authorities.

Certain dealings in 2016 and 2017, including some with entities and individuals outside the US, set off automated alerts in the bank's systems, prompting employees to prepare "suspicious activity reports" on some of them.

But executives "rejected their employees' advice" that they be sent to the Treasury, the NYT reported.

Analysis: <a href="https://www.wionews.com/world/analysis-trump-russia-and-deutsche-banklinks-that-raise-many-many-questions-11975">Trump, Russia and Deutsche Bank? Links that raise many, many questions</a>

Former employees interviewed by the paper, some speaking on condition of anonymity, alleged a culture of blocking suspicious activity reports to protect client relationships at Deutsche, with one saying she was fired after raising concerns.

Deutsche Bank was one of the few major banks to continue to lend to Trump following the bankruptcies of his casinos and other businesses in the 1990s, and has lent "billions" to him and Kushner according to the NYT.

"We have increased our anti-financial crime staff and enhanced our controls in recent years and take compliance with the anti-money-laundering laws very seriously," the Deutsche spokesman said.

While the lender has boosted its compliance staff to around 3,000 people spread around the world, its performance in pursuing financial crime has failed to satisfy some authorities.

Last year, German market watchdog Bafin took the unprecedented step of naming audit firm KPMG as an independent supervisor of Deutsche's progress on squeezing out money-laundering and other illicit activities.

That role has been extended to cover so-called "correspondent banking" after Deutsche was drawn into a massive money-laundering scandal around Denmark's Danske Bank.

Germany's largest lender Deutsche Bank failed to forward suspicions about transactions involving US President Donald Trump to American authorities, the New York Times reported, prompting the firm to issue a categorical denial Monday.

Germany's largest lender Deutsche Bank failed to forward suspicions about transactions involving US President Donald Trump to American authorities, the New York Times reported, prompting the firm to issue a categorical denial Monday. "At no time was an investigator prevented from escalating activity identified as potentially suspicious" to the Treasury Department, a spokesman for the bank told AFP. "The suggestion that anyone was reassigned or fired in an effort to quash concerns related to any client is categorically false," he added. The New York Times reported Sunday that Deutsche did not follow recommendations from its own money-laundering specialists that some transactions by companies controlled by Trump and his son-in-law Jared Kushner should be flagged to authorities. Certain dealings in 2016 and 2017, including some with entities and individuals outside the US, set off automated alerts in the bank's systems, prompting employees to prepare "suspicious activity reports" on some of them. But executives "rejected their employees' advice" that they be sent to the Treasury, the NYT reported. Analysis: Trump, Russia and Deutsche Bank? Links that raise many, many questions Former employees interviewed by the paper, some speaking on condition of anonymity, alleged a culture of blocking suspicious activity reports to protect client relationships at Deutsche, with one saying she was fired after raising concerns. Deutsche Bank was one of the few major banks to continue to lend to Trump following the bankruptcies of his casinos and other businesses in the 1990s, and has lent "billions" to him and Kushner according to the NYT. "We have increased our anti-financial crime staff and enhanced our controls in recent years and take compliance with the anti-money-laundering laws very seriously," the Deutsche spokesman said. While the lender has boosted its compliance staff to around 3,000 people spread around the world, its performance in pursuing financial crime has failed to satisfy some authorities. Last year, German market watchdog Bafin took the unprecedented step of naming audit firm KPMG as an independent supervisor of Deutsche's progress on squeezing out money-laundering and other illicit activities. That role has been extended to cover so-called "correspondent banking" after Deutsche was drawn into a massive money-laundering scandal around Denmark's Danske Bank.

Deutsche says money-laundering reports not waived for Trump

The Commonwealth Bank&nbsp;Monday&nbsp;agreed to the largest civil penalty in Australian corporate history to settle claims it breached anti-money laundering and counter-terrorism financing laws.

The Aus$700 million (US$530 million) fine -- which is subject to court approval -- comes after mediation between the nation's biggest lender and the country's financial intelligence agency AUSTRAC.

It follows the bank being taken to court last August for "serious and systemic non-compliance" of anti-money laundering laws more than 53,000 times, with AUSTRAC filing 100 further claims in December.

CBA was also accused of failing to adequately monitor suspected terrorist financiers.

"While not deliberate, we fully appreciate the seriousness of the mistakes we made," said CBA chief executive Matt Comyn in a statement.

"Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward. On behalf of Commonwealth Bank, I apologise to the community for letting them down."

The bank, which in the fall-out has replaced senior leadership overseeing financial crimes and pumped millions of dollars into improving its systems, also agreed to pay AUSTRAC's Aus$2.5 million legal fees.

The scandal is only the latest issue to damage the reputation of Australian banks, which have been under intense scrutiny amid allegations of dodgy financial advice, life insurance and mortgage fraud and rigging benchmark interest rates.

Last week, ANZ Bank was accused of "cartel arrangements" over a multi-billion-dollar capital raising, along with its advisers Deutsche Bank and Citigroup, with potential criminal charges pending.

The scandals led the government early this year to launch a royal commission into misconduct in the finance industry.

The fine for CBA appears to be far larger than expected by the bank, which in reporting its half-year cash profit in February said it had put aside Aus$375 million to pay potential penalties.

CBA, Australia's largest company, last year admitted to the late submission of 53,506 reports to AUSTRAC for cash transactions of Aus$10,000 or more at ATMs, blaming a "systems-related error".

It also failed to report 149 suspicious transactions on time, or at all, and breached its obligations to perform checks on 80 suspicious customers.

According to AUSTRAC's 583-page statement of claim, some of the allegations included suspected members of a crime syndicate using fake names and IDs to make separate cash deposits to CBA accounts.

"CBA's disregard of its... obligations allowed criminals to exploit its systems and put the Australian community at risk," said Home Affairs Minister Peter Dutton.

"This very large number of breaches over several years is unacceptable and should never have been allowed to happen."

He said some of the suspicious financial transactions not reported were linked to "the international drug trade" and "may have been associated with terrorism financing".

AUSTRAC chief Nicole Rose said the outcome was a strong message to the financial industry that non-compliance with anti-money laundering and counter-terrorism financing laws would not be tolerated.

"As we have seen in this case, criminals will exploit poor business practices to launder the proceeds of their crimes," she said.

"This has real impacts on the everyday lives of Australians and puts the community at risk by increasing opportunities for terrorists to support attacks here and overseas and enabling organised crime groups to peddle drugs to our families and friends.

"I hope this result alerts the financial sector to the consequences of poor compliance and reinforces that businesses need to take their obligations seriously."

AUSTRAC said it would be the largest civil penalty in Australian corporate history if approved by the Federal Court.

The Aus $700 million (US$530 million) fine -- which is subject to court approval -- comes after mediation between the nation's biggest lender and the country's financial intelligence agency AUSTRAC

The Commonwealth Bank Monday agreed to the largest civil penalty in Australian corporate history to settle claims it breached anti-money laundering and counter-terrorism financing laws. The Aus$700 million (US$530 million) fine -- which is subject to court approval -- comes after mediation between the nation's biggest lender and the country's financial intelligence agency AUSTRAC. It follows the bank being taken to court last August for "serious and systemic non-compliance" of anti-money laundering laws more than 53,000 times, with AUSTRAC filing 100 further claims in December. CBA was also accused of failing to adequately monitor suspected terrorist financiers. "While not deliberate, we fully appreciate the seriousness of the mistakes we made," said CBA chief executive Matt Comyn in a statement. "Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward. On behalf of Commonwealth Bank, I apologise to the community for letting them down." The bank, which in the fall-out has replaced senior leadership overseeing financial crimes and pumped millions of dollars into improving its systems, also agreed to pay AUSTRAC's Aus$2.5 million legal fees. The scandal is only the latest issue to damage the reputation of Australian banks, which have been under intense scrutiny amid allegations of dodgy financial advice, life insurance and mortgage fraud and rigging benchmark interest rates. Last week, ANZ Bank was accused of "cartel arrangements" over a multi-billion-dollar capital raising, along with its advisers Deutsche Bank and Citigroup, with potential criminal charges pending. The scandals led the government early this year to launch a royal commission into misconduct in the finance industry. The fine for CBA appears to be far larger than expected by the bank, which in reporting its half-year cash profit in February said it had put aside Aus$375 million to pay potential penalties. CBA, Australia's largest company, last year admitted to the late submission of 53,506 reports to AUSTRAC for cash transactions of Aus$10,000 or more at ATMs, blaming a "systems-related error". It also failed to report 149 suspicious transactions on time, or at all, and breached its obligations to perform checks on 80 suspicious customers. According to AUSTRAC's 583-page statement of claim, some of the allegations included suspected members of a crime syndicate using fake names and IDs to make separate cash deposits to CBA accounts. "CBA's disregard of its... obligations allowed criminals to exploit its systems and put the Australian community at risk," said Home Affairs Minister Peter Dutton. "This very large number of breaches over several years is unacceptable and should never have been allowed to happen." He said some of the suspicious financial transactions not reported were linked to "the international drug trade" and "may have been associated with terrorism financing". AUSTRAC chief Nicole Rose said the outcome was a strong message to the financial industry that non-compliance with anti-money laundering and counter-terrorism financing laws would not be tolerated. "As we have seen in this case, criminals will exploit poor business practices to launder the proceeds of their crimes," she said. "This has real impacts on the everyday lives of Australians and puts the community at risk by increasing opportunities for terrorists to support attacks here and overseas and enabling organised crime groups to peddle drugs to our families and friends. "I hope this result alerts the financial sector to the consequences of poor compliance and reinforces that businesses need to take their obligations seriously." AUSTRAC said it would be the largest civil penalty in Australian corporate history if approved by the Federal Court.

Australia's Commonwealth Bank agrees to US$530 mln fine over money-laundering breaches

Trouble-plagued Deutsche Bank on Sunday ousted its British CEO John Cryan, replacing him with one of his deputies in a bid to get Germany's biggest lender back on track after years in crisis.

Following weeks of speculation, the bank announced that German Christian Sewing, 47, would succeed Cryan who has been at the helm since 2015 with Sewing as deputy CEO and head of private banking.

"The supervisory board of Deutsche Bank has named Christian Sewing to the position of CEO, effective immediately, to succeed&nbspJohn Cryan who will leave the bank at the end of the month," the Frankfurt-based bank said in a statement.

Deutsche Bank said earlier it was calling the surprise supervisory board meeting "to discuss the chairmanship and to take a decision the same day."

Although Cryan's contract was due to run until 2020, press reports in recent days suggested a rift over strategy with supervisory board chairman Paul Achleitner, who called Sunday's meeting.

The choice of Sewing over investment banking chief Marcus Schenck, who had been discussed as a possible successor to Cryan, points to a strategic shift toward retail banking in its home market Germany.

Given sole command of the lender in 2016 after the departure of co-CEO Juergen Fitschen, Cryan's task was to restructure Deutsche and clean up the toxic legacy of its pre-financial crisis bid to compete with global investment banking giants.

He had neutralised the worst legal threats, in part by paying billions in fines and compensation, strengthened Deutsche's capital foundations with an 8-billion-euro ($9.8 billion) share issue last year and floated asset management division DWS on the stock market in March.

But "the financial results have so far not been what all of us would want them to be," Cryan, 57, acknowledged in a letter to employees last month while fighting to keep his job, referring to an unexpected 751-million-euro loss reported for 2017.

While the bank said the loss was a one-off caused by US President Donald Trump's corporate tax reform, investors have shunned Deutsche since the start of the year, with its stock dropping around 30 per cent in value since January 1.

Business paper Handelsblatt said last month that Deutsche Bank remains "what it was when Cryan took the helm: a chronic patient".

Cryan was seen as a troubleshooter after his successful steering of Swiss bank UBS through the financial crisis as finance director between 2008 and 2011.

But he met his match with the German lender.

"It was clear from the beginning that Cryan`s time in office would be limited and that his job would be `clearing up past mistakes`.&nbsp 
He`s not a charismatic leader personality or a visionary," professor Sascha Steffen of the Frankfurt school of finance told Handelsblatt.

"He had to battle serious problems that his predecessors swept under the rug for years," Markus Riesselmann, analyst at Independent Research, said.

"He's largely cleared those up and now it looks like Deutsche can't turn things around regarding margins. But I doubt a new CEO could successfully make that transition. It seems rather to be a fundamental 'Deutsche Bank problem'."&nbsp

Following weeks of speculation, the bank announced that German Christian Sewing, 47, would succeed John Cryan who has been at the helm since 2015 with Sewing as deputy CEO and head of private banking

Trouble-plagued Deutsche Bank on Sunday ousted its British CEO John Cryan, replacing him with one of his deputies in a bid to get Germany's biggest lender back on track after years in crisis. Following weeks of speculation, the bank announced that German Christian Sewing, 47, would succeed Cryan who has been at the helm since 2015 with Sewing as deputy CEO and head of private banking. "The supervisory board of Deutsche Bank has named Christian Sewing to the position of CEO, effective immediately, to succeed&nbspJohn Cryan who will leave the bank at the end of the month," the Frankfurt-based bank said in a statement. Deutsche Bank said earlier it was calling the surprise supervisory board meeting "to discuss the chairmanship and to take a decision the same day." Although Cryan's contract was due to run until 2020, press reports in recent days suggested a rift over strategy with supervisory board chairman Paul Achleitner, who called Sunday's meeting. The choice of Sewing over investment banking chief Marcus Schenck, who had been discussed as a possible successor to Cryan, points to a strategic shift toward retail banking in its home market Germany. Given sole command of the lender in 2016 after the departure of co-CEO Juergen Fitschen, Cryan's task was to restructure Deutsche and clean up the toxic legacy of its pre-financial crisis bid to compete with global investment banking giants. He had neutralised the worst legal threats, in part by paying billions in fines and compensation, strengthened Deutsche's capital foundations with an 8-billion-euro ($9.8 billion) share issue last year and floated asset management division DWS on the stock market in March. But "the financial results have so far not been what all of us would want them to be," Cryan, 57, acknowledged in a letter to employees last month while fighting to keep his job, referring to an unexpected 751-million-euro loss reported for 2017. While the bank said the loss was a one-off caused by US President Donald Trump's corporate tax reform, investors have shunned Deutsche since the start of the year, with its stock dropping around 30 per cent in value since January 1. Business paper Handelsblatt said last month that Deutsche Bank remains "what it was when Cryan took the helm: a chronic patient". Cryan was seen as a troubleshooter after his successful steering of Swiss bank UBS through the financial crisis as finance director between 2008 and 2011. But he met his match with the German lender. "It was clear from the beginning that Cryan`s time in office would be limited and that his job would be `clearing up past mistakes`. He`s not a charismatic leader personality or a visionary," professor Sascha Steffen of the Frankfurt school of finance told Handelsblatt. "He had to battle serious problems that his predecessors swept under the rug for years," Markus Riesselmann, analyst at Independent Research, said. "He's largely cleared those up and now it looks like Deutsche can't turn things around regarding margins. But I doubt a new CEO could successfully make that transition. It seems rather to be a fundamental 'Deutsche Bank problem'."

Crisis-hit Deutsche Bank pushes out British CEO

Special counsel Robert Mueller -- looking into possible collusion between the Trump presidential campaign and Russia -- has subpoenaed Trump&#39;s Deutsche Bank financial records, news reports said Wednesday.&nbsp;

Deutsche Bank, Germany&#39;s biggest bank, is a long-time Trump financier.&nbsp;

White House spokeswoman Sarah Sanders however rejected the reports as &quot;completely false&quot;, as did Trump&#39;s personal attorney Jay Sekulow.&nbsp;

&quot;No subpoena has been issued or received. We have confirmed this with the bank and other sources,&quot; AFP reported Sekulow as saying in a statement.

&quot;We have confirmed that the news reports that the special counsel had subpoenaed financial records relating to the president are false.&quot;&nbsp;

The news of the subpoena had first been reported by German business newspaper Handelsblatt.

Handelsblatt reported on Tuesday that Deutsche Bank had been asked to hand over financial information about Trump and members of his family.

It reported that the subpoena arrived &quot;a few weeks ago,&quot; and that the most important of the files asked for had already been sent to Mueller.

AFP reported one source as corroborating the information.&nbsp;

It reported a second source familiar with the investigation as saying the subpoena was linked to Trump&#39;s indicted former campaign chairman Paul Manafort.

&nbsp;

Deutsche Bank, Germany's biggest bank, is a long-time Trump financier

Special counsel Robert Mueller -- looking into possible collusion between the Trump presidential campaign and Russia -- has subpoenaed Trump's Deutsche Bank financial records, news reports said Wednesday. Deutsche Bank, Germany's biggest bank, is a long-time Trump financier. White House spokeswoman Sarah Sanders however rejected the reports as "completely false", as did Trump's personal attorney Jay Sekulow. "No subpoena has been issued or received. We have confirmed this with the bank and other sources," AFP reported Sekulow as saying in a statement. "We have confirmed that the news reports that the special counsel had subpoenaed financial records relating to the president are false." The news of the subpoena had first been reported by German business newspaper Handelsblatt. Handelsblatt reported on Tuesday that Deutsche Bank had been asked to hand over financial information about Trump and members of his family. It reported that the subpoena arrived "a few weeks ago," and that the most important of the files asked for had already been sent to Mueller. AFP reported one source as corroborating the information. It reported a second source familiar with the investigation as saying the subpoena was linked to Trump's indicted former campaign chairman Paul Manafort.

Special counsel Robert Mueller subpoenas Trump's Deutsche Bank records

State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported on Friday, citing two sources with knowledge of the plan.

A total 17 banks had bid to underwrite the so-called qualified institutional placement, for which SBI will pay a nominal fee of one rupee, IFR, a Thomson Reuters publication, reported.

($1 = 64.5550 rupees)

(Reuters)

State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, and three others

State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported on Friday, citing two sources with knowledge of the plan. A total 17 banks had bid to underwrite the so-called qualified institutional placement, for which SBI will pay a nominal fee of one rupee, IFR, a Thomson Reuters publication, reported. ($1 = 64.5550 rupees) (Reuters)

SBI set to hire six banks for up to $2.3 billion share sale: IFR

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