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BERLIN (Reuters) – German prosecutors said on Tuesday they were dropping a money-laundering investigation against managers at Deutsche Bank

, over its relations with Danske Bank’s

Estonian subsidiary, citing a lack of evidence.

The economic crimes unit at the Frankfurt Prosecutor’s Office also fined Deutsche Bank 13.5 million euros ($15.9 million) for being slow to report suspected money laundering in more than 600 cases.

The case related to a whistleblower’s claims that Danske had handled 200 billion euros in suspicious payments from Russia and other ex-Soviet republics between 2007 and 2015 – the bulk of which were processed by Deutsche Bank.

Deutsche Bank, which broke off its relationship with Danske in 2015, has consistently denied wrongdoing.

“With the end to proceedings, it is clear that there were no criminal lapses on the part of Deutsche Bank or its staff,” board member Stefan Simon said in a statement.

The fine relates

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Deutsche Bank AG (NYSE: DB) CEO Christian Sewing claimed that the four-year strategic turnaround plan is the first priority for the German bank, but didn’t rule out a merger early next year. According to Bloomberg, a takeover deal could be in the cards only if the bank’s profitability improves in 2021.

What Happened: Sewing remarked in a Bloomberg interview that he would not want the bank to be a target of a takeover transaction. But an increase in share price or profitability figures could place Deutsche Bank in “a better position” to negotiate. The German bank’s CFO James von Moltke hinted that it is also open to cross-border mergers, as reported by Bloomberg last month.

The pandemic outbreak has forced European banks to revisit their branch banking strategies. In September, Deutsche Bank decided to close one out of five branches in Germany, reducing its presence to around 400 units,

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FRANKFURT (Reuters) – German lender Commerzbank CBKG.DE has poached a senior executive of its larger rival Deutsche Bank DBKGn.DE to assume the role of chief executive, filling a leadership vacuum after months of turmoil.

FILE PHOTO: A company logo is pictured at the headquarters of Germany’s Commerzbank AG during the annual results news conference in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski

Manfred Knof, head of Deutsche Bank’s retail business in Germany, will assume the top spot at Germany’s No. 2 lender on Jan. 1.

He succeeds Martin Zielke, who resigned this summer in the wake of a revolt led by the private equity investor Cerberus, one of the lender’s largest shareholders who was pressing for big changes at the bank.

The appointment allows Commerzbank to move forward with a new strategic plan that was put on hold until a new leader was found. The bank is looking at branch

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Commerzbank’s latest appointment is a bid to end turmoil after Martin Zielke resigned at the start of July 2020, following sustained criticism by shareholders of his performance and the bank’s losses


John MACDOUGALL

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Commerzbank, Germany’s second largest bank which has been hit by the coronavirus pandemic and the Wirecard scandal, on Saturday named Manfred Knof from rival lender Deutsche Bank as its new chairman.

The appointment is a bid to end turmoil after Martin Zielke resigned at the start of July, following sustained criticism by shareholders of his performance and the bank’s losses.

Knof, 55, was Deutsche Bank’s German retail head but spent a large part of his career in the insurance business, working for German giant Allianz.

Knof’s appointment is subject to the approval of supervisory authorities.

“Manfred Knof is an experienced and highly effective top manager who has proven himself in a wide range of tasks

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COPENHAGEN (Reuters) – Danske Bank

helped Deutsche Bank

facilitate suspicious trades worth over $600 million through its branch in Lithuania between 2012 and 2015, Danish media outlets reported on Thursday.

The reports, by newspapers Berlingske and Politiken and public broadcaster DR, cited leaked documents from Deutsche Bank obtained by the German daily Suddeutsche Zeitung and later shared with the International Consortium of Investigative Journalists (ICIJ).

The documents appear to show that Deutsche Bank moved around 4 billion Danish crowns ($627 million) in so-called mirror trades through Danske Bank in Lithuania, the Danish outlets reported.

Deutsche Bank declined to comment, and Danske Bank said it could not comment on specific matters due to ongoing investigations by authorities.

In 2017, Deutsche paid a $425 million fine in the United States over a mirror trading scheme, which moved $10 billion out of Russia between 2011 and 2015.

Mirror trades – for instance, buying

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TipRanks

These 2 Penny Stocks Could Rally All the Way to $11, Says Cantor

Is more volatility on tap for stocks? Following a three-week losing streak, the longest in about a year, all eyes are on the market. The three major U.S. stock indexes have struggled for the last few weeks as the titans of tech, which have fueled the charge forward from COVID-induced lows, came under pressure due to overheated valuations, with market watchers waiting to see how renewed lockdown fears will come into play.So, what’s the bottom line for investors? Even though uncertainty remains as Wall Street gears up for the fourth quarter, the pros are pounding the table on a select few names, noting that these tickers boast strong long-term growth narratives.Bearing this in mind, our focus shifted to two penny stocks backed by investment firm Cantor. Major gains could be in store, as the firm’s analysts

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(Bloomberg) — Deutsche Bank AG plans to boost lending to commodity traders in the Middle East, even as other banks back away after a spate of defaults in the industry, to help double the size of its regional business.

The German lender, which on Monday appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa, is also targeting bond markets for growth in the region.

“In the next five to six years, we would like to double the size of the revenues from what we have today,” Voide said in an interview. “The old Deutsche Bank wanted to be everything to everybody, and we realized in the past few years that’s not sustainable.”

Voide, formerly the head of wealth management for the Middle East and Africa, will now also oversee Deutsche’s private bank for the region. Hoving, who previously ran the Netherlands business, will

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The MarketWatch News Department was not involved in the creation of this content.

Pinterest, Inc. (NYSE: PINS) today announced that Todd Morgenfeld, CFO and Head of Business Operations, will participate in the Deutsche Bank Virtual Technology Conference on September 15, 2020 at 8:10 am PT (11:10 am ET).

A live webcast and replay of the presentation will be publicly available on Pinterest’s Investor Relations website at investor.pinterestinc.com.

Disclosure Information

Pinterest uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company’s Investor Relations website, in addition to following the company’s press releases, SEC filings, public conference calls, presentations and webcasts.

About Pinterest

Pinterest is a visual discovery engine people use to find inspiration for their lives, including recipes, home and style ideas, travel destinations and more.

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SYDNEY (Reuters) – An Australian court overseeing a criminal cartel case against Citigroup Inc

and Deutsche Bank AG

on Tuesday declined a prosecution request to delay proceedings, raising the chances the long-running matter will proceed to trial this year.

In the country’s biggest white collar criminal case, a regulator has accused the investment banks of colluding over a A$2.5 billion ($1.8 billion) 2015 share issue to withhold unsold shares and keep the stock from falling. Their client, Australia and New Zealand Banking Group Ltd

, is also defending the case.

But the matter, which has nine defendants including the financial giants and their staff and former staff, has been crawling through the lower court in Sydney since the charges were laid in mid-2018 as defence lawyers question prosecution witnesses to determine the parameters of the complex case.

The ruling that the parties must begin a case management hearing on Nov.

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NEW YORK, Aug. 15, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Deutsche Bank Aktiengesellschaft between November 7, 2017 and July 6, 2020, inclusive (the “Class Period”), of the important September 14, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Deutsche Bank investors under the federal securities laws.

Rosen Law Firm, P.A. Logo
Rosen Law Firm, P.A. Logo

To join the Deutsche Bank class action, go to http://www.rosenlegal.com/cases-register-1898.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S

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