People’s Viennaline, an Austrian airline has begun what it claims is the world’s shortest regular international connection – an eight-minute hop across Lake Constance.
The flight, offered by air company, connects St. Gallen-Altenrhein in Switzerland with Friedrichshafen in southern Germany, just 20 kilometer. It’s part of a route that continues onward to Cologne, but passengers can book only the short part for €40.
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 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.
The German ZEW index advanced to 6.2 for October from 0.5 the previous month. Overall, the index is still far below the long-term average of 24.1 highlighting reservations surrounding the financial sector having a negative impact. The Current Conditions Index went up to 59.5 this month from 55.1 in September. Economists polled by The Wall Street Journal had predicted an increase to 4.5 points.
"Pure fantasy," in this way Michel Best, Bundesbank spokesman denied the rumor that European Central Bank (ECB) might be considering a taper after the bond buying program gets concluded in March 2017, which would be earlier than expected.
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.
Commerzbank plans to cut around 9,600 jobs in the next few years and scrap its dividend for the time being as it restructures to become profitable. The restructuring plan through 2020 will cost about €1.1 billion ($1.2 billion). Actually it employs about 45,000 full-time staff.
"The focus on the core business, with some business activities being discontinued, and the digitalisation and automation of workflows will lead to staff reductions amounting to around 9,600 full-time positions," Commerzbank said.
