The Qatari-backed lawyer tasked with trying to draw a line under Deutsche Bank's regulatory scandals has risen rapidly at the German bank, jumping to the management board after three years as a "sparring partner" on the bank's supervisory body. Deutsche Bank is desperate to clean up its act and restore its reputation after years of turmoil including the Libor rate-rigging scandal and money-laundering investigations, and Stefan Simon has an intimate knowledge of the bank's rocky relationships with regulators and courts. The enigmatic corporate lawyer will soon be sitting on Deutsche's ...

Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of ISS Global A/S and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near ...

(Bloomberg) -- As Deutsche Bank AG and BNP Paribas SA sort out a deal on servicing the German lender’s hedge-fund clients, one of the prizes at stake is the Asian business.Even after a tough few years for Deutsche Bank, 14% of funds in the region still use it as either a prime broker or trade through it, according to Eurekahedge analyst Mohammad Hassan. That gives BNP the opportunity to break into the top 10, he said. Eurekahedge’s rankings reflect its estimates of both client balances and number of fund mandates.Still, BNP would need to halt client exits and contend with a unit that has ...

Both Goldman Sachs and JPMorgan Chase showed declining investment banking revenue in the second quarter of 2019, with both suffering a dip in their lucrative debt underwriting businesses. How do I go about getting into the investment banking industry? JPMorgan’s M&A business suffered a sharper 16 per cent year-on-year contraction — it generated $525m in fees — as Goldman was off just 3 per cent from the previous year at $776m.

(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.At the heart of Chief Executive Officer Christian Sewing’s turnaround plan for Deutsche Bank AG is a contrarian bet: that he can cut spending on technology while gaining ground on the competition.Even with the digital revolution in finance accelerating, Deutsche Bank expects to trim its annual outlays on tech to 2.9 billion euros ($3.3 billion) in 2022 from a peak of 4.2 billion euros this year.“Deutsche Bank would probably love to be spending more on technology, but they need money for ...

Until three years ago, Mr Simon was a successful German corporate lawyer working in the sleepy Rhineland town of Bonn and teaching law at the University of Cologne. In 2016, Qatar’s al-Thani royal family and Deutsche’s largest investor, suggested that Mr Simon should join the lender as a supervisory board member. Mr Simon’s latest career move is a rare step in corporate Germany and raised eyebrows among corporate governance experts.

And is laying off 18,000 as a result.

ThyssenKrupp plans to develop an Indian procurement centre as a supply hub for its engineering business in its push to turn around the loss-making division. The engineering business, which makes turnkey plants for the chemical, fertilizer, cement and mining industries, contributes up to 9% of the elevators-to-submarine group's net sales, but has been mired in losses due to a weak global environment. "Our target is to achieve the needed turnaround next year," Marcel Fasswald, chief executive of ThyssenKrupp Industrial Solutions, told Reuters in an interview in Mumbai.

(Bloomberg) -- Follow @Brexit, sign up to our Brexit Bulletin, and tell us your Brexit story. The pound fell to the lowest since 2017 as the market once again reckoned with no-deal Brexit risk after the contenders to be U.K. prime minister toughened their rhetoric.Sterling hit its weakest level in more than two years versus the dollar and a six-month low against the euro, as Brexit negotiations appeared to turn more hostile. Both leadership contenders Boris Johnson and Jeremy Hunt have said the so-called backstop plan to avoid a hard border in Ireland, considered essential by Brussels, would ...

(Bloomberg) -- When Deutsche Bank AG said it was exiting the business of servicing hedge funds as part of its historic retreat, French rival BNP Paribas SA seemed poised to benefit. The reality is more complicated.The two European banking giants are discussing how to transfer 150 billion euros ($168 billion) of balances linked to hedge funds at Deutsche Bank’s so-called prime-brokerage unit along with technology and potentially hundreds of staff, people familiar with the matter said. Yet the German lender’s clients have been pulling about $1 billion of funds per day and going elsewhere as the ...

Vodafone said on Tuesday it was launching 5G services in Germany, taking on Deutsche Telekom by offering cheaper deals and reaching more cities than the market leader that went live last week. Vodafone, which has already launched limited 5G services in its British home market, is switching on 5G antennae in 20 German towns and cities - a figure that Deutsche Telekom only expects to reach next year. "We are democratising 5G," Vodafone's Germany chief Hannes Ametsreiter said in a statement.

Welcome to Capital Confidential—a weekly diary column featuring the best tidbits from around the U.K.’s business and political landscape from MarketWatch sister publication Financial News.

(Bloomberg) -- Just a few months after leading a funding round for Berlin-based fintech company Elinvar, Goldman Sachs Group Inc. is backing another startup in the German capital.The U.S. lender is investing 25 million euros ($28 million) in Raisin, an internet platform for bank-savings products, in exchange for a low single-digit percentage stake. The new funding brings the total volume of primary investments in the startup firm to 195 million euros. Earlier backers include PayPal Holdings Inc.Raisin intends to use the money to enter two additional European markets and the U.S. It has hired ...

The move comes after the appointment of Claudio de Sanctis, who joined Deutsche Bank Wealth Management as its new head of Europe last year from Credit Suisse. It follows the move of two other senior Credit Suisse bankers in London to Deutsche in June.

An attorney for the state attorneys general who filed a lawsuit in hopes of stopping T-Mobile's $26 billion merger with Sprint told the judge on Monday that an Oct. 7 trial may not be possible. In a letter to Judge Victor Marrero on Monday, attorney Glenn Pomerantz said that in exchange for the expedited October 7 trial date, the states had been promised materials on a settlement between the Justice Department and the companies by June 28. "Plaintiff states engaged in discussions yesterday with defendants regarding the appropriate trial date and pre-trial schedule and continue to confer ...

(Bloomberg) -- Federal Reserve Chairman Jerome Powell left it all but certain that the U.S. central bank will reduce interest rates this month for the first time in a decade.The debate now is how deep they will cut and what will they do afterward. As the July 30-31 meeting nears, here’s the outlook of some of the world’s biggest banks based on recent research reports.Forecasts range from JPMorgan Chase & Co. and Citigroup predicting a 25 basis point cut to Morgan Stanley forecasting double that amount.Goldman Sachs Group Inc.25 basis point reduction in July25 basis points of cuts in rest of ...

Deutsche Telekom has lost a legal battle to continue offering an all-you-can-watch mobile video product after a court sided with the German regulator, saying it violated European rules on roaming and network neutrality. The appeals court in Muenster ruled that Deutsche Telekom's StreamOn product could no longer be offered in its current form, confirming a lower court decision in favour of restrictions imposed by the Federal Network Agency (BNetzA) in December 2017.

Deutsche Bank is cutting 18,000 jobs and shuttering its equity sales and trading business worldwide as part of a massive restructuring after years of struggling with profitability, but Werner Steinmueller sees opportunity in the upheaval.The bank's Asia-Pacific chief executive said the capital released by closing the equity trading operations will allow the company to reinvest in its Asian business, expand its corporate bank in parts of the region and add jobs in its wealth management business " its fastest growing business in Asia.Steinmueller declined to discuss how many people ...