Deutsche Bank

Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.

The newly cited evidence was produced by Deutsche Bank after it reached a $38 million settlement in the case earlier this year. The plaintiffs said the evidence showed the new defendants engaged in collusive price manipulation.

Deutsche Bank reported a profit of €278m in Q3, which compares favorably to a 6 billion euro loss for the same period a year ago, beating analysts’ average expectations that it would make a net loss of around €610 million.
Deutsche Bank said the "tough interest rate environment" and "unsettling effect" of negotiations with US authorities had been felt.

Deutsche Bank may soon reintegrate Postbank, the Bonn-based institute bought in several steps from 2008 for a total of €6 billion and then placed on the market. This was revealed by the Sueddeutsche Zeitung, citing information gathered in financial circles.
Sources said no serious buyers emerged after Deutsche Bank put the unit up for sale and that a potential listing of Postbank also would be difficult in the current market environment.

Deutsche Bank plans hiring freeze in order to cut costs and face the growing legal fees after the US Justice asked for $ 14 billion to close the dispute linked to the story of subprime mortgages.

The measure – writes the agency Bloomberg citing sources inside the German bank – would take effect immediately and covers all divisions, with the exception of some control functions.

Deutsche Bank CEO John Cryan didn’t find an agreement with the US Justice Department to close the investigation opened on subprime mortgages in the United States during a meeting in Washington, as Bild Sunday edition reported.

The report noted that German lender and U.S. authorities haven’t broken off their talks. Concerns about the bank’s ability to pay a $14 billion opening settlement bid from the Justice Department sent the company’s stock to a record low last month. Cryan has reportedly said he expects U.S. authorities to scale back the initial request.

Deutsche Bank CEO John Cryan on Friday sought to calm staffers about the soundness of the bank, after shares fell to fresh record lows on reports of the departure of approximately 10 hedge fund clients.

"Our bank has become subject to speculation," John Cryan said in a internal letter that outlined the bank’s financial position and urged employees to not allow a "distorted perception" from interrupting its business.

Deutsche Bank is putting a scare into the financial world Thursday as reports have surfaced of some fund managers cutting exposure to Europe’s largest investment bank.

A Bloomberg report that about 10 hedge funds that clear derivatives trades with Deutsche, including Millennium Partners, Capula Investment Management and Rokos Capital Management, had withdrawn some excess cash and adjusted positions held at the lender because of concerns over its problems, citing an internal document.

Deutsche Bank sells the London-based insurance company Abbey Life to Phoenix Group for 935 million pounds (1.1 billion euros, $ 1.22 billion).

This was communicated by the German bank that took over Abbey Life in 2007, stressing that the operation will have a positive impact on capital of 1.1 billion euro. Although the transaction "will have a net positive capital impact," it’s expected to lead to a pre-tax loss of around €800 million "primarily resulting from impairment of goodwill and intangible assets."