DEUTSCHE Bank has released its third quarter results and after a massive sell-off has turned a two percent profit but it is creating a litigation war chest as investor fury mounts.
Follow LIVE updates below as Deutsche Bank reports Q3 net profits $303 million.
8.10am BST update: Germany's largest lender has set aside €1billion euros in a litigation battle fund this morning as it gets set to face legal action around the world after the International Monetary Fund slammed it this summer. The German-lender says attention around negotiations concerning the DOJ settlement had an 'unsettling effect.'
Analysts say that Deutsche Bank's British CEO John Cryan has "inherited a dogs' breakfast of a bank" as it appears the bank is making a slush fund to counter lawsuits from angry investors.
The bank is facing 7,000 class action suits from investors says Michael Hewson of CMC Markets who told the BBC that the CEO had "inherited a dogs' breakfast of a bank".
8.16am BST update: Deutsche is attempting a sell off of its assets as it tries to shore up its position. And Mexico is its first offering with a plan to offload Mexico's InvestaBank. InvestaBank said in a statement it would seek a capital increase of some 2.5 billion pesos $133 million USD to fund the transaction. The bank are not saying how much they are paying for it. InvestaBank was created in 2014 from the acquisition of Royal Bank of Scotland's operations in Mexico.
8.29am BST update: Newspapers in Germany are questioning the bank's future as they posted a "surprise profit." Germany news firm tagesspiegel.de says customers are losing trust in the bank. And they have flagged a multibillion dollar money laundering scandal unfolding in in Russia and a possible involvement in manipulations in the currency market.
8.41am BST update: Australian media is reporting Deutsche Bank awarded staff €2.4 billion of bonuses for 2015 and that more than half of bonuses were paid out immediately. Just under half or 49 per cent was deferred stock and cash. Creditor Ivan Vatchkov, chief investment officer for Asia at Algebris, said employees should "eat their own cooking" after buying in supposed top tier bonds known as AT1s. He told the Financial News that John Cryan CEO should stop paying out cash and "pay them with a risky type of bond that would be first to take losses if the bank runs into trouble."
9.57am BST update: US website Zero Hedge says that investors have pulled $8bn USD from Deutsche’s ETF arm so far this year. And they say this news does not bode well for the company. ETF or Exchange-Traded Funds are instruments which own underlying assets. These can include shares of stock, bonds, oil futures, gold bars, foreign currency, etc. They are traded on the stock markets. According to ETFGI, a London-based consultancy, this is an "unwelcome collapse."
9.08am BST update: CNBC Karen Tso says there has been a massive "outflow" of €9bn euros from the Wealth Management arm of the firm that happened in September.
Follow LIVE updates below as Deutsche Bank reports Q3 net profits $303 million.
8.10am BST update: Germany's largest lender has set aside €1billion euros in a litigation battle fund this morning as it gets set to face legal action around the world after the International Monetary Fund slammed it this summer. The German-lender says attention around negotiations concerning the DOJ settlement had an 'unsettling effect.'
Analysts say that Deutsche Bank's British CEO John Cryan has "inherited a dogs' breakfast of a bank" as it appears the bank is making a slush fund to counter lawsuits from angry investors.
The bank is facing 7,000 class action suits from investors says Michael Hewson of CMC Markets who told the BBC that the CEO had "inherited a dogs' breakfast of a bank".
8.16am BST update: Deutsche is attempting a sell off of its assets as it tries to shore up its position. And Mexico is its first offering with a plan to offload Mexico's InvestaBank. InvestaBank said in a statement it would seek a capital increase of some 2.5 billion pesos $133 million USD to fund the transaction. The bank are not saying how much they are paying for it. InvestaBank was created in 2014 from the acquisition of Royal Bank of Scotland's operations in Mexico.
8.29am BST update: Newspapers in Germany are questioning the bank's future as they posted a "surprise profit." Germany news firm tagesspiegel.de says customers are losing trust in the bank. And they have flagged a multibillion dollar money laundering scandal unfolding in in Russia and a possible involvement in manipulations in the currency market.
8.41am BST update: Australian media is reporting Deutsche Bank awarded staff €2.4 billion of bonuses for 2015 and that more than half of bonuses were paid out immediately. Just under half or 49 per cent was deferred stock and cash. Creditor Ivan Vatchkov, chief investment officer for Asia at Algebris, said employees should "eat their own cooking" after buying in supposed top tier bonds known as AT1s. He told the Financial News that John Cryan CEO should stop paying out cash and "pay them with a risky type of bond that would be first to take losses if the bank runs into trouble."
9.57am BST update: US website Zero Hedge says that investors have pulled $8bn USD from Deutsche’s ETF arm so far this year. And they say this news does not bode well for the company. ETF or Exchange-Traded Funds are instruments which own underlying assets. These can include shares of stock, bonds, oil futures, gold bars, foreign currency, etc. They are traded on the stock markets. According to ETFGI, a London-based consultancy, this is an "unwelcome collapse."
9.08am BST update: CNBC Karen Tso says there has been a massive "outflow" of €9bn euros from the Wealth Management arm of the firm that happened in September.
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