As it stated in The auditor of some of the world's largest banks including Citigroup, Credit Suisse and Deutsche Bank was tipped off before a regulator inspected them. But MarketWatch now has court documents that, for the first time, names the audit clients caught up in the scandal. The SEC moreover said in January that the KPMG audits of these companies should continue to be relied upon. The conspiracy to steal the regulatory inspection data lasted from 2015 and 2017, according to the charges. Sweet, the PCAOB's KPMG inspection team lead, was recruited by KPMG to allegedly bring over confidential regulatory data.
Wild Trading Day at Deutsche Bank Raises Questions on Risk
U.S. regulators have spent much of the past decade trying to get a better handle on beleaguered Deutsche Bank AG. A wild trading day earlier this year shows how hard that will be. Deutsche Bank's U.S. trading loss was offset by related gains in London, according to people with knowledge of the bank's operations. The issue is particularly stark at Deutsche Bank, which has increased capital levels at its U.S. business after multiple failed stress tests and cease-and-desist orders. Read more: Deutsche Bank is said to be scolded by FedDays after the quarter closed, Deutsche Bank named Christian Sewing -- previously its deputy chief of risk -- to take over as chief executive officer.
Deutsche Bank CEO is 'sick and tired of bad news'
Referring to Deutsche Bank's credit rating was downgraded on Friday, delivering another blow to Germany's biggest bank. "Let's be straightforward: the news flow is not good," Deutsche Bank (DB) CEO Christian Sewing wrote in a letter to staff on Friday. Related: Deutsche Bank is cutting more than 7,000 jobsThe lender recently announced that it would slash more than 7,000 jobs, focus its investment banking on European clients, and do more to control costs. Shares in Deutsche Bank gained about 2% early on Friday, after a losing 7% on Thursday. Related: Citigroup and Deutsche Bank face 'criminal cartel' chargesIn his letter to employees on Friday, Sewing said risks have been reduced, capital has been strengthened and the bank reorganized.
Fitch Cuts Deutsche Bank Outlook
Deutsche Bank AG had the outlook for its credit rating lowered to negative from stable by Fitch Ratings, which cited risks tied to the German lender's turnaround plan. It confirmed the lender's BBB+ long-term issuer default rating and all other debt ratings. James von Moltke Photographer: Alex Kraus/BloombergChief Financial Officer James von Moltke has previously singled out rising funding costs as a particular problem for Deutsche Bank. Deutsche Bank shares rose 1.3 percent to 9.50 euros by 12:45 p.m. in Frankfurt on Friday. Benchmark ratings for Deutsche Bank PROVIDER TYPE RATING OUTLOOK Fitch LT issuer default BBB+ Negative Moody's Senior unsecured Baa2 Negative S&P Global LT issuer credit BBB+ Stable
ANZ, Deutsche Bank and Citigroup face 'criminal cartel' charges
Image copyright ReutersFinancial institutions ANZ, Deutsche Bank and Citigroup will be prosecuted on criminal cartel charges, Australia's consumer watchdog says. The allegations concern arrangements for the sale of A$2.5bn (£1.4bn; $1.9bn) worth of ANZ shares in 2015. "The charges will involve alleged cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015," chairman Rod Sims said in a statement. The deal was underwritten by global giants Deutsche Bank, Citigroup and JP Morgan, as part of a bid by ANZ to raise capital to meet regulatory requirements. Citigroup and Deutsche Bank also vowed to "vigorously defend" defend the charges.
Collected by :Irax John