Daily Libor: Royal Bank of Scotland chief executive officer Stephen Hester told The Guardian that ”RBS is one of the banks tied up in Libor. We’ll have our day in that particular spotlight as well.” At least two banks have joined Deutsche Bank in cooperating with European investigations into the rigging of Read More
It’s earnings season on Wall Street, and earnings at the biggest financial firms have been mostly down, lower profit means paring expenses, cost-saving means cutting comp, or showing some employees the door. And indeed, the 18,000 jobs The Wall Street Journal says the six biggest U.S. banks have cut in the last year are just Read More
Wall St. Expats
Libor-ated: The U.S. Department of Justice is building criminal cases against financial institutions and individuals involved in the manipulation of interbank lending rates, according to The New York Times. Deutsche Bank agreed to cooperate with the European Commission’s Libor investigation, reports Der Spiegel. Prosecutors in New York, Connecticut, Florida and Massachusetts are Read More
“The old paradigm that I’m trying to get rid of is that space is for governments and the super-rich, and it takes years, and it costs millions of dollars, and I say this is just wrong” said Peter Platzer, an Austrian-born former CERN physicist and hedge fund quant who was in town to promote his Read More
1 percent problems: Steven M. Davidoff digs into reports on private equity and finds an industry in transition: Private equity’s share of takeover deals more than halved last year compared against the first six months of 2007, and the industry is sitting on more than $900 billion in dry powder, which—along with cash-flush Read More
So, Deutsche Bank settled a U.S. attorney’s lawsuit for $202.3 million in damages and civil penalties, prosecutors said today, following allegations that a mortgage unit owned by the German lender falsely certified loans as qualifying for federal insurance.
Deutsche Bank AG will be opening its first office in Downtown Brooklyn after it agreed to take 50,000 square feet at the JPMorgan Chase-owned 4 MetroTech Center, The Commercial Observer has learned.
Perhaps this constitutes a midlife crisis. After leaving his post as the co-head of investment banking at Deutsche Bank last year (giving a heated 90-minute resignation conference) financier Michael Cohrs and wife Arlene Cohrs have purchased a Tribeca condo for $11.5 million.
… as the center of the financial world anyway.
At least that’s what Bloomberg reasons, citing declining rents and the flight of financial firms to other parts of the city as the signal that Wall Street, well, isn’t quite Wall Street anymore.
“There was a time when it made sense to be Read More