• DB, J.P Morgan, Coutts face a multi-billion trial in Malaysia

      DB, J.P Morgan, Coutts face a multi-billion trial in Malaysia

      Large-scale corruption probe in Malaysia dragged Deutsche Bank, J.P Morgan and Coutts in court to face charges totaling billions of dollars, Reuters reported. The collapsed state fund 1MDB is suing the Malaysian unit of DB for $1.11 billion, and the Swiss units of J.P. Morgan and Coutts for $800m and 1.03bn. The claims are for alleged losses from a corruption scandal at the fund, court documents showed.

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    • Commerzbank paves the way for 10,000 job cuts

      Commerzbank paves the way for 10,000 job cuts

      Germany’s Commerzbank announced it had reached an agreement with representatives of employees over planned job cuts aimed to reduce operating costs, Reuters reported. The Verdi labour union confirmed the information and elaborated that the issue concerned some 10,000 worldwide. The agreement is central to Chief Executive Officer Manfred Knof's plans to restructure and spur the nation's second-biggest listed lender and return it to profitability.

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    • Deutsche Bank posts best quarter in seven years

      Deutsche Bank posts best quarter in seven years

      Deutsche Bank posted its best quarterly figures in seven years, booking pre-tax profits for the first quarter at €1.6bn ($1.9bn) in figures released before the start of trading on Wednesday. According to the estimates, Deutsche Bank shares also rose by more than 7% to €10.90 by midday, helping to drive generally positive sentiment on the Frankfurt Stock Exchange.

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    • Archegos drags Nomura to a worst in decade loss

      Archegos drags Nomura to a worst in decade loss

      The Japanese financial and brokerage conglomerate Nomura announced it had suffered a 1.4bn dollars loss in the first quarter of this year due to pandemic slowdown which further worsened the $2.3bn hit caused by the collapse of US investment fund Archegos, Reuters reported. The loss unveiled by Nomura is the worst since the 2008 acute financial crisis. Nomura noted that it expects to book a further $570 million in charges this year, related to Archegos bankruptcy.

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    • Credit Suisse burns more than $20bn in Archegos positions

      Credit Suisse burns more than $20bn in Archegos positions

      Credit Suisse Group is forced to take drastic measures to curb losses, mounted by a massive exposure to the troubled Archegos, Reuters reported. According to data, provided by media sources the leading Swiss bank had more than $20 billion of exposure to investments related to Archegos. The fund was forced to cut many of its long capital positions, including ones related to Credit Suisse, Wall Street Journal elaborated.

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    • ABN Amro ends a dirty cash row with a 480 million euro deal

      ABN Amro ends a dirty cash row with a 480 million euro deal

      The popular Dutch bank ABN Amro announced it had agreed a deal worth some 480 million euro to settle a scandal which involved allegations in illegal activities including money laundering, Reuters reported. It is expected that the agreed amount will weigh down on the bank’s first quarter earnings report. ABN Amro said in a statement it had agreed to pay a fine of a total of 300 million euros and 180 million euros as disgorgement reflecting "the seriousness, scope and duration of the identified shortcomings" in combating money laundering.

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    • Citibank dumps operations in 13 countries

      Citibank dumps operations in 13 countries

      US financial giant Citigroup announced it was restructuring operations and cutting consumer banking activities of its banking arm Citibank in 13 markets in Asia, Europe and the Middle East, BBC reported. The operations in those markets will be directed to four financial hubs in a move to improve market performance and boost returns. However Citibank confirmed it would continue to offer products and services to big clients and institutions.

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