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How Germany considered rescuing Wirecard days before its doom

How Germany considered rescuing Wirecard days before its doom

By , FRANKFURT (Reuters) - The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters showing that officials were blindsided by the country’s biggest post-war fraud scandal.The payment company filed for insolvency on June 25 last year, owing creditors almost $4 billion, after disclosing a 1.9 billion euro ($2.3 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.The documents provide previously unreported details of the ministry’s exploration of using...

Mar 16
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German town fears $46 million loss on Greensill Bank accounts

German town fears $46 million loss on Greensill Bank accounts

By FRANKFURT (Reuters) - The mayor of Germany’s Monheim am Rhein is concerned that it may lose 38 million euros ($46 million) invested with Greensill Bank after a warning on Wednesday by the country’s financial regulator of “an imminent risk” to the lender.The sleepy northwestern German town, which has a population of 40,000 and boasts a medieval tower, parked the sum -- which equates to almost 1,000 euros per resident -- at Bremen-based Greensill Bank, the mayor said in an emailed statement.German watchdog BaFin warned of the risk that Greensill Bank would become over-indebted on...

Mar 4
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UPDATE 4-Commerzbank's new CEO plans 10,000 job cuts

UPDATE 4-Commerzbank's new CEO plans 10,000 job cuts

By , * Bank plans to axe branches* Shares up 4.8%* To finalise overhaul by Feb. 3 (Updates with details, writes through)FRANKFURT, Jan 28 (Reuters) - Commerzbank’s new chief executive, Manfred Knof, wants to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp announced just weeks after he took on the top job at Germany’s second-biggest bank.The bank’s management hopes the overhaul plans revealed on Thursday will revive the fortunes of the partly state-owned group, which has struggled to boost profits amid executive reshuffles and strategy zig-zags. The has bank never...

Jan 28
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Exclusive: Tired of Trump, Deutsche Bank games ways to sever ties with the president - sources

Exclusive: Tired of Trump, Deutsche Bank games ways to sever ties with the president - sources

By , , NEW YORK/FRANKFURT (Reuters) - 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...

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Nov 3
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U.S. pension funds sue Allianz after $4 billion in coronavirus losses

U.S. pension funds sue Allianz after $4 billion in coronavirus losses

By FRANKFURT (Reuters) - Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.Together, the various suits filed in the U.S. Southern District of New York claim investors...

September 28, 2020
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Europe cushions workforce as U.S. lifeline runs threadbare

Europe cushions workforce as U.S. lifeline runs threadbare

United States FRANKFURT/LOS ANGELES (Reuters) - - While millions of U.S. workers thrown into unemployment by the coronavirus pandemic fret about feeding their families, idled German airline purser Marco Todte is mainly concerned about his next vacation. Todte, 41, hasn’t flown for work since April. But Germany’s state-subsidized “Kurzarbeit” furlough scheme and a top-up from employer Lufthansa means he is getting 90% of his regular income and has the cash to explore what few leisure options there are in an economy still emerging from lockdown. “It is hard to go to the cinema or to go out in...

August 3, 2020
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Axe falls as Deutsche Bank lays off 18,000 in $8.3 billion reinvention

Axe falls as Deutsche Bank lays off 18,000 in $8.3 billion reinvention

FRANKFURT/SYDNEY/HONG KONG/NEW YORK (Reuters) - Deutsche Bank laid-off staff from Sydney to New York on Monday as it began 18,000 job cuts in a 7.4 billion euro ($8.3 billion) “reinvention” which will lead to yet another annual loss and knocked its already battered shares. Germany’s largest lender said on Sunday it would scrap its global equities operations and cut some in fixed income in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Shares in Deutsche Bank, which has almost 91,500 staff around the world, erased...

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July 8, 2019
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