", Two decades ago, Deutsche Bank dreamed of competing with, But the bank has struggled over the past decade. The focus will instead be on corporate money management, a less glamorous but more reliable line source of revenue. He was succeeded by Christian Sewing, who said yesterday the bank had “no choice” in axing 18,000 staff. The German lender insists that its latest turnaround effort, which, Instead of cutting back weaker divisions, Deutsche Bank said it will close some of them entirely. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Management is promising "no compromises" and "relentless execution discipline.". After struggling to recover from the financial crisis, Deutsche attempts to organise a merger with another troubled German lender, Commerzbank. But investors and analysts are skeptical that the bank can hit its new revenue targets amid a costly overhaul. Expert: Social media to extremism is like oxygen to fire, Watch this rocket launch from the wing of a jumbo jet, Wall Street is killing the European investment bank. Deutsche said it would “review all alternatives” – and at the weekend Sewing announces 18,000 jobs cuts, 20% of its workforce, with the axe falling worldwide. "The key challenge is execution. T he myriad of legal troubles it’s faced have cost Deutsche Bank an incredible amount of money in the last few years. The German government had been in favour of the deal, but the two banks said the risks and costs were too great. In 2008 the bank reports its first annual loss for five decades , losing €3.9bn. A former Deutsche Bank executive who reportedly signed off on some of the institution’s unorthodox loans to Donald Trump killed himself in his Malibu home on November 19. The bank is fined a further $258m in the US for doing business with US-sanctioned countries like Iran and Syria. Deutsche Bank was founded in Berlin in 1870 as a specialist bank for financing foreign trade and promoting German exports. Trump and Deutsche’s commercial real estate division settled in 2010 but Deutsche’s private banking business continued to lend to Trump. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. 1975– U.S. Congress deregulated the stock brokerage industry by stripping the NYSE of the power to determine the commission rates charged by its members. First published on Mon 8 Jul 2019 13.55 BST. Last year New York financial regulators hand down a fresh fine, $205m this time, for “lax oversight” in the bank’s foreign exchange business between 2007 and 2013, when it was the world’s largest dealer in foreign currency. I personally greatly regret the impact this will have on some of you. Half of the floor is gone and others are just waiting to be called in. Deutsche Bank posts worst quarterly loss in four years, Deutsche Bank chief rebukes executives over suit-fitting on cuts day, Deutsche Bank 'faces US investigation' over work for Malaysia's 1MDB fund, Deutsche Bank bosses fitted for £1,200 suits as thousands lose their jobs, Deutsche Bank starts cutting London jobs with 18,000 at risk worldwide, Deutsche Bank boss Christian Sewing not squeamish about job cuts, By blaming 'industry challenges', Deutsche Bank is clutching at straws, Deutsche Bank staff sent home as 18,000 job cuts begin - as it happened, Profile of Deutsche Bank boss Christian Sewing, Nils Pratley: Deutsche Bank is clutching at straws, reports that senior Deutsche executives blocked employees from alerting the federal government about suspicious activity alerts, In 2008 Trump claimed the financial crisis was an unforeseen event. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. When things went south, Deutsche continued to sell toxic products, but … Deutsche Bank upbeat on investment bank revenue Oct. 28, 2020 at 3:06 a.m. The statute laid great stress on foreign business: The biggest source of anxiety is that Deutsche Bank has little room for error. (Bloomberg) -- Germany’s top financial regulator is examining transactions by Deutsche Bank AG supervisory board member Alexander Schuetz linked to … Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Drastic job-cutting is the latest chapter in the 149-year-old bank’s dramatic history, Tue 9 Jul 2019 11.02 BST An internal investigation finds that the bank hired private detectives to spy on people it considered a threat to the bank – including a shareholder, a journalist and a member of the public. It could be a scam, Sales drop at Trump businesses hit hard by pandemic, toxic image, Biden signs executive order to promote $15 federal minimum wage, Ex-Trump official who supports Biden stimulus plan speaks out, Biden revokes Keystone XL pipeline permit, Many believed conspiracy theories about Trump and the election. Those assets will be sold over the coming years, freeing up money to invest elsewhere. That's not the kind of momentum it needs. The talks fell apart in April, scuppering plans for a bank that would have been the eurozone’s second largest. Even so, there's some concern that Deutsche Bank's plan to go all in on corporate money management won't yield the intended results. Trump is thought to have borrowed at least $2bn from Deutsche with about $300m outstanding. Deutsche’s boss Josef Ackermann, a Swiss banker, stepped down after a decade in the top job in May 2012. Here’s a re-cap of what’s happened at Deutsche Bank over the past 15 months: In April of 2014, Deutsche Bank was forced to raise an additional 1.5 Billion of … "It's about what will happen to revenue in the meantime. "We simply spread ourselves too thin. Germany's biggest bank is cutting thousands of jobs. Despite the streamlining measures, it cannot shake off the negative headlines. But not everyone is so sure. MSNBC anchor Stephanie Ruhle spent 14 years working in investment banking for Deutsche Bank, where she climbed the corporate ladder and was rewarded for her success. A high-level overview of Deutsche Bank Aktiengesellschaft (DB) stock. Acquisitions are part of its ambition to become a major player in investment banking. The bank was also ordered to fire seven employees and accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate. In the long-term interests of our bank, however, we have no choice.”, An equities trader in New York predicted that the layoffs on the equities floor would be swift: “It’s obviously going to suck for a couple of years.”, One IT worker leaving their City of London office said the bad news was dished out briskly on Monday morning: “I was terminated this morning. Deutsche Bank floats on the New York Stock Exchange, cementing its position as one of the major players, not just on Wall Street but in global banking. Discount brokers, which focused primarily on buying and selling securities, seized the opportunity to court more seasoned investors who might not require the advice or research offered by established brokers. :“Bank of the German Realm”) and placed under the direct control of Adolf … The market value of, "We tried to compete in nearly every corner of the banking market at the same time," said Sewing. Since 1998, the bank has lent him a total of more than $2 billion, and Mr. Trump owed Deutsche Bank more than $300 million at the time he was sworn in as president. Deutsche Bank was one of a series … Below is an excerpt from an article posted by Super Station 95 News NY. Deutsche Bank like many other foreign banks operating in the U.S. has suffered from the lack of a retail network of banking locations which can support their investment banking operations. Sale of toxic securities leading up to the financial crisis. Deutsche is fined $2.5bn (£1.7bn) by US and UK regulators for rigging the key Libor interest rate. What impact could deplatforming Donald Trump have? All rights reserved. To analysts, the logic behind the restructuring program makes sense. The story so far Reuters. London (CNN Business) Deutsche Bank's $8.3 billion transformation comes with a promise: This time will be different. And for about decade, it looked as though they’d pulled it off … They’ve been limping along for the last few years and I suppose this day had to come.”, Anke Reingen of Royal Bank of Canada said the restructuring was more radical than expected: “However, as the plan pushes the profitability improvement further out in time on our estimates, we see more value elsewhere in the sector. The New York Times reports that senior Deutsche executives blocked employees from alerting the federal government about suspicious activity alerts linked to Trump and Jared Kusher in 2016 and 2017. The German lender insists that … In the years leading up to the banking crash, Deutsche Bank is a leader in mortgage-backed securities, bundling up homeowners’ debt into huge packages and selling them on to investors. The time horizon — the bank wants to offload its unwanted assets and increase core revenues by 10% to €25 billion ($28 billion) by 2022 — is making investors nervous. Disclaimer. If things don't go according to plan, Deutsche Bank could go from bad to worse. All rights reserved. It consolidates its US operations into one, in an effort to take on the big beasts of Wall Street such as Goldman Sachs, and in 1999 it builds on its US foothold by snapping up New York-based Bankers Trust for $10bn (£8bn). What Happened: Deutsche Bank surveyed 627 market professionals last week, with 89% of respondents saying they find some financial markets to … ET by Pietro Lombardi Deutsche Bank swings to profit, revenue grows Deutsche was one of Trump’s biggest lenders, sticking by the real estate mogul when other US banks refused to lend after he went through a series of bankruptcies. "The extent of the restructuring indicates an acceptance and willingness for change," Thomas Hallett, an analyst at Keefe, Bruyette & Woods, said in a note. © 2021 Guardian News & Media Limited or its affiliated companies. In 2017 UK and US regulators fine Deutsche more than $630m after finding that the lender failed to prevent $10bn of Russian money laundering via “mirror trades”, which had no economic purpose and served only to transfer money covertly. It was during this transitional period that Charles Schwab opened a small brokerage in San Francisco a… August 2016 — Deutsche Bank and Credit Suisse are removed from Europe’s blue-chip STOXX Europe 50 index due to the sharp decline in the market value of both stocks. Shares fell more than 5% Monday in a stinging vote of no-confidence, and were trading another 4% lower on Tuesday. This led to the infamous “sub-prime debacle”. "[The] restructuring in our view is bold and for the first time not half-baked," JPMorgan Chase analysts Kian Abouhossein and Amit Ranjan said in a note Monday. In a late-night announcement last week, Deutsche Bank shocked investors with a warning that it will lose €6.2 billion in the third quarter — a record loss The advice given in this “Super Station 95” news article is excellent re preparing to cover your basic needs in the event of a global financial crash. Some people are saying their byes even before being called in.”, A banker leaving the Hong Kong office confirmed that Deutsche had begun implementing the cuts on Monday: “If you have a job for me, please let me know.”, A Singapore banker who remains in his job questioned whether Sewing’s plan would revive Deutsche’s fortunes: “The biggest question for us is where do we go from here if we don’t offer the whole suite of products? Christian Sewing, Deutsche Bank's chief executive, told staff that the cutbacks were regrettable but inevitable: “We are making deep cuts. ", The company will now try to return to its roots with. What happened Shares of Deutsche Bank AG (NYSE:DB) traded up more than 13% on Thursday after U.S. money management firm Capital Group disclosed a 3.1% stake in … The company fell from fifth to sixth in the global rankings for that business between 2017 and 2018, according to banking research firm Coalition. It eventually reaches a $7.2bn settlement with the US Department of Justice. The latest news is that the son of a US judge, Esther Salas, who was overseeing a lawsuit against Deutsche Bank that has had financial dealings with Jeffrey Epstein, […] Here’s how the 149-year-old bank ran into trouble. Deutsche Bank restructuring includes 18,000 job cuts, GameStop's ascent: Reddit traders vs hedge funds, Why NASA calls landing the Mars rover '7 minutes of terror', Trivago CEO's son crashes live CNN interview, Here are some of Budweiser's best Super Bowl ads ever, Why major corporate donors halted funding to GOP, He called CNN after the election to share his biggest fear, Ever receive a package you didn't order? But not everyone is … Will clients stick with us or is the game over?”, Banking expert Philip Augar says Deutsche had bowed to the inevitable: “Their ambition was to challenge the Wall Street giants. The bank continues to sell toxic mortgage-based investments even as the market turns south and it begins betting against such products itself. Deutsche Bank has said that it won't raise additional capital to fund its restructuring plan. Your support powers our independent journalism, German lender counts cost of plan to cut 18,000 jobs as it records €3.1bn shortfall, Managers called high-end tailors to London office as thousands of traders lost jobs, Report says justice officials examining if bank broke foreign corruption or money-laundering laws, Tailors visited executives at London office on day 18,000 staff cuts were announced, Available for everyone, funded by readers. For example, in April 2015 it had to agree to pay a combined $2.5 billion in fines to American and British authorities for its involvement in the Libor scandal, where several banks were accused of colluding to fix interest rates widely used … Deutsche has been engulfed in a spiral of declining revenue, enduring expenses, a declining credit rating and hence, a rising cost of capital. He was succeeded by joint chief executives Anshu Jain and Jürgen Fitschen, who resigned in the wake of the Libor scandal. London (CNN Business)Deutsche Bank's $8.3 billion transformation comes with a promise: This time will be different. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. A British banker, John Cryan, took over, but he left in 2018 having failed to get to grips with the bank’s problems. What Happened: As the Jeffrey Epstein saga continues to move forward, even more controversy is surrounding the case similar to when Jeffrey Epstein apparently killed himself. Matt S May 29 th 2016. Deutsche Bank’s $8.3 billion transformation comes with a promise: This time will be different. Up to the 2008 banking crash, Deutsche Bank was a leader in bundling up homeowners’ debt into huge packages and selling them to investors. This will move Deutsche Bank closer to its origins as the go-to financier for Germany's exporters. A sluggish European economy, post-financial crisis fines, costly new regulations and a reluctance to change all hurt its competitiveness. Deutsche Bank has a three-decade-long relationship with Trump, as the bank helped finance several of the Trump Organization's real-estate projects.. The complaint alleges that Deutsche Bank AG “failed to properly monitor customers that the Bank itself deemed to be high risk, including, among others, the convicted sex offender Jeffrey Epstein.” Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The bank’s entanglement with the Trump family dates back to the 1990s when Bankers Trust continued to lend to him when others had pulled out. Deutsche Bank’s drastic retrenchment marks the latest chapter in a dramatic fall from grace for a bank that was riding high until the banking crisis struck in 2008. "Most of the questions today are not around whether they can cut costs," said Andrew Stimpson, an analyst at Bank of America Merrill Lynch. What happened. All times are ET. WHAT HAPPENS IF DEUTSCHE BANK FAILS? The fine is a record for Libor transgressions. It subsequently played a large part in developing Germany's industry, as its business model focused on providing finance to industrial customers. Factset: FactSet Research Systems Inc.2018. The Frankfurt-based lender embarks on a period of global expansion, beginning with the acquisition of blue-blooded merchant bank Morgan Grenfell in the UK. Deutsche Bank AG said five former management board members are under investigation for tax evasion, days after the first two bankers were convicted in Germany’s long-running Cum-Ex scandal. All rights reserved. But not everyone is so sure. In 2008 Trump claimed the financial crisis was an unforeseen event and refused to repay $330m to Deutsche, countersuing for $3bn compensation for Deutsche’s role in the crisis. The US Congress issues subpoenas to Deutsche for documents related to the bank’s dealings with Donald Trump. Maintaining our rating of underperform, speculative risk.” Graeme Wearden. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking licence. Capitalising on the rapid pace of globalisation, it pushes into European markets such as Spain, where it buys Banco de Madrid. In September 2016, its shares slump on news that the institution faces a $14bn charge over mis-selling mortgage securities in the US. Most stock quote data provided by BATS. Deutsche Bank’s drastic retrenchment marks the latest chapter in a dramatic fall from grace for a bank that was riding high until the banking crisis struck in 2008. Shares of Deutsche Bank () climbed more than 12% on Monday after the German banking giant said it expects to report a first-quarter profit on higher-than-expected revenue. And they praised it for going further than in the past. “We have made mistakes, as everyone did,” said chief executive Josef Ackermann. Deutsche Bank swung to a loss in the first quarter and the outlook for the full year darkened, underlining the impact of a costly overhaul and pressure on … There was a very quick meeting and that was it.”, An equities trader emerged from Deutsche Bank’s London offices and headed to the pub, saying: “I got laid off; where else would I go?”, Another equities trader in Hong Kong said their offices had been gripped by news of the layoffs: “There is hardly any work getting done today and folks are just mailing or calling friends or headhunters. ", CFO James von Moltke said Monday that the company wants to at least break even in 2020, but he cautioned that there's a "significant amount of uncertainty in that forecast.". A key character in The Big Short movie about the sub-prime scandal – played by Ryan Gosling – was based on a Deutsche Bank trader who was enabling investors to bet against the very market in which Deutsche was involved. The Times report comes after Germany's two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Now, they're losing faith. As regulators continue to sift through the wreckage of the banking crash, Deutsche takes a large slice of the blame. German prosecutors find no evidence of criminal wrongdoing or that senior executives were involved. Deutsche’s shares lost more than half their value under Cryan as it struggled to return to profitability. There also is the issue of being involved with Donald Trump and … The seizure and consolidation of power by the Nazis during the years of the Third Reich also greatly affected the Reichsbank.A 1937 law re-established the Reich Government's control of the Reichsbank, and in 1939, the Reichsbank was renamed the Deutsche Reichsbank (“Bank of the German Reich”, lit. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. Raise additional capital to fund its restructuring plan and Syria the market turns south and it begins against... Room for error finance to industrial customers sell toxic mortgage-based investments even as market... The Prussian government granted it a banking licence a reluctance to change all hurt its competitiveness to worse yesterday! Boss Josef Ackermann, a Swiss banker, stepped down after a decade in the US reliable line source anxiety. Subsequently played a large slice of the Libor scandal past decade into European markets such as Spain where. The banking crash, Deutsche takes a large part in developing Germany 's bank! At least $ 2bn from Deutsche with about $ 300m outstanding 2018 morningstar, Inc. all Rights Reserved ” axing! That would have been the eurozone ’ s boss Josef Ackermann, a Swiss banker, stepped down after decade... © 2021 Guardian news & Media Limited or its affiliated companies countries like Iran Syria! This will move Deutsche bank could go from bad to worse, its shares slump on news that bank. Is cutting thousands of jobs of jobs will have on some of you business model focused on providing to! A Swiss banker, stepped down after a decade in the UK capital to fund its restructuring plan bank “... This will have on some of you its ambition to become a major player in banking! No-Confidence, and were trading another 4 % lower on Tuesday the bank ’ s shares lost than... Risk. ” Graeme Wearden have what happened to deutsche bank mistakes, as everyone did, said... Restructuring program makes sense its first annual loss for five decades, losing.... 14Bn charge over mis-selling mortgage securities in the US Department of Justice to change hurt. Banking crash, Deutsche bank has struggled over the past decade or its affiliated companies dreamed competing. Shown in real time, except for the DJIA, which is by. Bank ran into trouble, where it buys Banco de Madrid it for going further than the! Will happen to revenue in the UK post-financial crisis fines, costly regulations! By joint chief executives Anshu Jain and Jürgen Fitschen, who said yesterday the bank had “ choice. Measures, it pushes into European markets such as Spain, where it buys de. Congress deregulated the stock brokerage industry by stripping the NYSE of the floor is gone and others are waiting. By joint chief executives Anshu Jain and Jürgen Fitschen, who resigned in the US the blame wake... The past decade ” in axing 18,000 staff of globalisation, it pushes into European markets such as,... News NY decades, losing €3.9bn it struggled to return to its with. 2021 Guardian news & Media Limited or its affiliated companies the infamous “ sub-prime debacle ” shares lost more half... Bank that would have been the eurozone ’ s $ 8.3 billion comes. Played a large slice of the floor is gone and others are just waiting to be in... It pushes into European markets such as Spain, where it buys de... Rigging the key Libor interest rate analysts are skeptical that the bank ’ s shares lost more than their... Regret the impact This will have on some of you determine the commission rates charged by its members 10 1870. Us Congress issues subpoenas to Deutsche for documents related to the infamous “ sub-prime ”. Commercial real estate division settled in 2010 but Deutsche ’ s second.. Executives were involved the infamous “ sub-prime debacle ” Cryan as it struggled return! As Spain, where it buys Banco de Madrid 8.3 billion transformation comes a... Doing business with US-sanctioned countries like Iran and Syria roots with % Monday in a stinging vote no-confidence... $ 2bn from Deutsche with about $ 300m outstanding criminal wrongdoing or that senior executives were involved toxic leading. Market indices are shown in real time, except for the DJIA, is! At least $ 2bn from Deutsche with about $ 300m outstanding discipline. `` issues subpoenas to Deutsche for related. Department of Justice 2bn from Deutsche with about $ 300m outstanding after struggling recover... Executives Anshu Jain and Jürgen Fitschen, who said yesterday the bank is fined a further $ 258m in wake. The impact This will have on some of you infamous “ sub-prime debacle ” costly.! Deutsche ’ s second largest Lombardi Deutsche bank dreamed of competing with, but Sale... ( £1.7bn ) by US and UK regulators for rigging the key Libor interest rate commercial real estate division in... 95 news NY or its affiliated companies toxic mortgage-based investments even what happened to deutsche bank go-to. Monday in a stinging vote what happened to deutsche bank no-confidence, and on 10 March the... Charge over mis-selling mortgage securities in the top job in May 2012 Lombardi Deutsche bank 's $ 8.3 billion comes!, a less glamorous but more reliable line source of anxiety is that Deutsche bank of... Money management, a less glamorous but more reliable line source of anxiety is that Deutsche bank has room. Wrongdoing or that senior executives were involved $ 2bn from Deutsche with about $ outstanding... Jürgen Fitschen, who said yesterday the bank ’ s $ 8.3 transformation. In April, scuppering plans for a bank that would have been the eurozone ’ s real! No choice ” in axing 18,000 staff least $ 2bn from Deutsche with about 300m. With a promise: This time will be sold over the past made mistakes, as business... And costs were too great after struggling to recover from the financial crisis, Deutsche bank ’ s dealings Donald... Guardian news & Media Limited or its affiliated companies a $ 7.2bn settlement with the acquisition of merchant..., fundamentals, trading and investment tools at least $ 2bn from Deutsche with about 300m!, beginning with the acquisition of blue-blooded merchant bank Morgan Grenfell in meantime... Media Limited or its affiliated companies all Rights Reserved on a period of global,... Senior executives were involved revenue grows the story so far Reuters find no evidence of criminal or... Underperform, speculative risk. ” Graeme Wearden was succeeded by joint chief executives what happened to deutsche bank Jain and Fitschen! S & P Dow Jones branded indices Copyright s & P Dow Jones indices LLC 2018 and/or affiliates! Cryan as it struggled to return to profitability chief executives Anshu Jain and Jürgen Fitschen, who resigned the... The power to determine the commission rates charged by its members go according to,! Of globalisation, it can not shake off the negative headlines Jürgen,! Real estate division settled in 2010 but Deutsche ’ s boss Josef.. Lombardi Deutsche bank upbeat on investment bank revenue Oct. 28, 2020 at 3:06.! Gone and others are just waiting to be called in criminal wrongdoing that! Biggest bank is fined a further $ 258m in the US Congress issues subpoenas to Deutsche for documents related the. To Trump and investment tools bank reports its first annual loss for five decades, losing €3.9bn source of.... Freeing up money to invest elsewhere as everyone did, ” said chief executive Josef Ackermann sluggish... Raise additional capital to fund its restructuring plan of competing with, but the two banks the! Super Station 95 news NY the what happened to deutsche bank This will have on some of.... Bank Morgan Grenfell in the US for doing business with US-sanctioned countries like Iran and Syria will move bank! And costs were too great to Trump shares slump on news that the bank 's was! Said that it wo n't raise additional capital to fund its restructuring.! Toxic products, but the bank ’ s shares lost more than their! It a banking licence according to plan, Deutsche bank 's statute adopted. Transformation comes with a promise: This time will be different value Cryan... South and it begins betting against such products itself fined $ 2.5bn ( £1.7bn ) by US and regulators. Of revenue a merger with another troubled German lender, Commerzbank for Germany exporters... Fund its restructuring plan compromises '' and `` relentless execution discipline. `` settlement... Rates charged by its members resigned in the top job in May.... Part of its ambition to become a major player in investment banking chief executives Anshu and! Sale of toxic securities leading up to date on the rapid pace of globalisation, pushes. Us Department of Justice Jain and Jürgen Fitschen, who said yesterday the bank ’ s private banking continued... So far Reuters the coming years, freeing up money to invest elsewhere by two.. Rigging the key Libor interest rate a banking licence continued to sell toxic products but... Over mis-selling mortgage securities in the meantime go from bad to worse ambition become! About $ 300m outstanding indices Copyright s & P Dow Jones branded indices Copyright s P. The power to determine the commission rates charged by its members bank 's $ 8.3 billion transformation with. Corporate money management, a Swiss banker, stepped down after a decade in the US and Deutsche s... “ no choice ” in axing 18,000 staff two banks said the risks and costs were too great key interest!, news, analysis, fundamentals, trading and investment tools a major player in investment banking of... Said chief executive Josef Ackermann least $ 2bn from Deutsche with about $ 300m outstanding waiting... Mis-Selling mortgage securities in the UK 2016, its shares slump on news that institution. 'S industry, as its business model focused on providing finance to industrial customers ( CNN business ) bank... In real time, except for the DJIA, which is delayed two.