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...“Look back at the US banks [and] how they got into their position....
...“Banks need high yield and sustainable yield,” said Antonio Roman, portfolio manager of the Axiom European Banks Equity fund....
...Deutsche Bank has since the summer been struggling with the fallout of the botched IT migration that saw clients locked out of accounts and internal workflows at the bank break down....
...UBS began removing Credit Suisse’s brand in New York in August, replacing signs at the collapsed bank’s US headquarters....
...Deutsche Bank is preparing to axe almost half its Postbank branches as Germany’s biggest lender embarks on a shake-up of the group’s lacklustre retail operations....
...UBS has sold the Credit Suisse corporate jet that the collapsed bank’s then-chair, António Horta-Osório, used when breaching Covid lockdown rules to attend high-profile sporting events....
...Three years later the bank collapsed....
...Goldman Sachs retained its leading position, followed by JPMorgan, Morgan Stanley and Bank of America. Citi was eighth, followed by European banks UBS and Barclays....
...DZ Bank analysts said in a note to clients that the bank is “currently unable to offset elevated funding costs with higher margins in the lending business”....
...The brunt of the cuts affected Karl von Rohr, the former head of Deutsche’s private bank who left the bank last year after his contract was not extended....
...But less than a year later, under a new chair and chief executive, the bank underwent another restructuring....
...Do not bank on a fairytale ending for PBB. andrew.whiffin@ft.com...
...The bank’s new three-year strategy is designed to achieve that....
...The bank generated $40.8bn of revenues last year, up from $34.6bn in 2022....
...Kelleher, a veteran of Morgan Stanley, will be watching if UBS can compete with his former bank and the industry leader in wealth management....
...Booij will leave his role as chief executive for Europe at ABN Amro Clearing Bank, a division of the Dutch bank that connects trading firms and hedge funds with exchanges such as Eurex....
...The US Federal Reserve fined Deutsche Bank $186mn last year for a “material failure” to fix “unsafe and unsound banking practices” that the bank had promised to resolve as long ago as 2015....
...For evidence, look no further than European banks, which trade at an average price to earnings of around 6 times....
...Deutsche Bank has set out plans to triple its dividend, buy back more shares and cut jobs as Germany’s biggest bank tries to boost a share price that has languished over the past year....
...The bank had not been hit by any new defaults in the first two months of the new year, he said. The bank earmarked €350mn for loan loss provisions for 2024, compared with €441mn last year....
...Investor mistrust about the fair value of European bank assets, and their resulting knockdown valuations, is the other problem. Stoxx 600 banks trade under 7 times forward earnings....
...But analysts at Deutsche Bank hailed the upcoming launch of Porsche’s first all-electric sport utility vehicle, which they expected would sell up to 100,000 units next year and make up to a fifth of group...
...Over the same period, post-crisis regulation and a decline in oil prices from their 2008 peak knocked the banks and energy groups that form a large part of European bourses....
...Internally, the deal was viewed as a big success: the bank earned more money and was paid back faster than anticipated....
...Deutsche Bank said in a statement that it was aware of the regulatory decision, taken in December but announced on Thursday, and that the bank was “reviewing and enhancing relevant processes and controls...
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