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...Deutsche Bank has discovered thousands of forgotten and unresolved complaints in its German retail operation Postbank, people familiar with the matter told the Financial Times....
...Many Postbank branches have long been unprofitable but Deutsche was unable to close them because of a long-term contract with postal service Deutsche Post DHL....
...Sewing ran Deutsche’s retail operations between 2015 and 2018, but long before he took the reins, Deutsche’s initial rationale for buying Postbank, which was founded in 1909, had begun to crumble....
...The sharpest drop was in Europe, Deutsche’s home turf, where deals fell 28 per cent annually versus a more modest 6 per cent decline in the US....
...The US card scheme has long been a Deutsche partner and will replace Visa as the credit card provider for the lender’s Postbank German retail brand....
...ISS, which was acquired by German stock exchange Deutsche Börse in 2021, declined to comment on the reason for its policy update or on its specific voting decisions....
...This year’s cuts, which at €1.95mn are twice as high as the previous year, reflect the disruption at Deutsche Bank’s domestic retail unit....
...Over the past decade, Deutsche failed to find a buyer for Postbank and botched an earlier IT integration effort....
...“We are making progress in improving processing times at Postbank,” Deutsche said in a statement....
...Germany’s financial regulator has installed a special supervisor at Deutsche Bank as it grapples with customer service issues at its subsidiary Postbank....
...That came on the following Friday, March 24, and involved a market attack on Deutsche Bank....
...Like Hansel and Gretel, Deutsche Pfandbriefbank is deep in the woods. The Germany property lender was lured in by the prospect of sweet returns in commercial real estate....
...But according to Verdi, entry-level wages in a similar division at Postbank start a little above €13 an hour, while domestic rival Commerzbank pays at least €14....
...Deutsche will have to pay a fine if it misses the deadline....
...On Thursday, Deutsche’s chief executive Christian Sewing lit up some fireworks....
...The better than expected performance offers some relief after a botched IT migration at the bank’s German retail business caused problems for customers of its subsidiary Postbank....
...Deutsche Bank chief financial officer James von Moltke said the goodwill impairment was “not related to the business outlook” for the franchise and should not be seen as a sign that Deutsche had overpaid...
...Deutsche Börse Group runs businesses including the Frankfurt Stock Exchange, Eurex clearing house and last year bought Danish fund management company SimCorp....
...There is no reason to think that Deutsche is going to change that now....
...solid than Air France-KLM, with the capacity plan intact and, like IAG, there is conviction that respectable 2023 levels of profit and cash generation can be broadly repeated in 2024,” said analysts at Deutsche...
...IKB Deutsche Industriebank, WestLB and Sachsen LB were hit by the blow-up of the subprime mortgage market in 2007-2008....
...In March 2021, Deutsche Bank told the FT that only a “limited number of clients” might have been affected by the mis-selling....
...Shares in Deutsche Börse rose 0.6 per cent on Wednesday....
...“What Deutsche Bahn AG is doing is nothing more than the continual rejection of all demands,” GDL boss Claus Weselsky said on Wednesday on German public broadcaster ZDF....
...Ermotti’s total pay also dwarfs the awards of chief executives at other major European banks, including Christian Sewing of Deutsche Bank, who was paid €8.9mn last year, and Andrea Orcel of UniCredit, whose...
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