Deutsche Bank : outshines Wall St rivals with best quarter since 2014 marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
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FRANKFURT (Reuters) - Deutsche Bank posted a better-than-expected net profit for the first quarter, its strongest in seven years, driven by its investment banking activities that outperformed major U.S. rivals.
Not long ago, Deutsche s sprawling investment bank was viewed as its problem child following dwindling revenue and scandals involving the sale of mortgage securities and the laundering of money from Russia. Deutsche managers said they would focus more on old-fashioned retail and corporate banking.
But now, revenue of the fixed-income trading business and origination and advisory services have surged, trends that have also lifted profits of competing banks, and helped offset lacklustre performance at Deutsche s other divisions.
Deutsche Bank outshines Wall St rivals with best quarter since 2014 reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
German court orders Greensill Bank windup, after British parent s insolvency filing
Insolvency proceedings at Greensill Bank, sought by Germany s BaFin financial regulator, now have court backing as German municipalities fear hefty deposit loses.
The Bremen bank entered insolvency last week
A German court appointed an insolvency administrator to Greensill Bank on Tuesday, as requested by BaFin, Germany s previously criticized financial regulator.
Specialist lawyer Michael Frege will wind up the bank, reportedly with €3.6 billion ($4.3 billion) at stake from depositors attracted by margins above Europe s negative interest rates.
The previously obscure Bremen bank entered insolvency last week after Greensill Capital, a Britain-Australian financier headquartered in London, lost insurance coverage for its short-term debt repackaging business.