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US federal authorities are looking into a potential lapse in money laundering requirements from Deutsche Bank. The investigation at one of the largest banks in the world could have long-lasting impacts on the industry and the White House. Deutsche Bank in trouble again According to Businesstimes, a federal inquiry into Deutsche Bank intends to find…
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Deutsche Bank AG (USA) shares dropped sharply last session, losing as much as 10 percent of its value amid the broad hammering of the European financial space. Analysts say the German lender, which owns Europe’s largest investment bank, is over reliant on trading revenues, making it more prone to sell-offs in this volatile market. “We…
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Trade tensions, slow growth, and low-interest rates all left their mark on the world’s largest banks last year, affecting the investment banking revenue they racked up. The five largest global banks hit $26.1bn in investment banking revenue in 2019, 3% down on the year, according to data gathered by LearnBonds. JP Morgan, ranked as the…
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Revolut has launched a money management app for children, which can be monitored by their parents. The digital bank, which claims more than 10 million users worldwide, said it was launching Revolut Junior, an app aimed at children and teenagers between 7 and 17, which also comes with its own bank card. London-based fintech, founded…
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Revolut is preparing to submit a banking license application to the Bank of England, and hopes to secure it before the end of the year. The move comes after operating for five years in Britain, with the challenger bank deeming it necessary due to the UK’s departure from the European Union (EU) at the end…
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A decade after the financial crisis rocked Wall Street, Goldman Sachs (GS) is still struggling to find a suitable way out of the resulting regulations. The annual trading profits of the company fell 84% this year which has significantly hurt its prospects. The bank now wants to test another strategy- it wants its traders to…
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London based Fintech company Nivaura is welcoming Chris Jones, former Managing Director and Global Head of Local Currency Syndicate at HSBC (NYSE: HSBC), to head its structure and product strategy. This became necessary as the company is expanding its business, a press release says. Jones had worked at HSBC for 15 years and has rich…
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Private banks across Europe have recorded low profits in about a decade since the great depression of 2008. A report by the McKinsey points out that the dwindling benefits can be attributed to reduced investor inflows, rising costs, and the weakening financial market. Banks from Western Europe declined by 8% to €13.5 billion from €15.4…
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Brian Moynihan, the CEO of Bank of America, recently shared his vision for a cashless society while speaking at the Brainstorm Finance Conference by Fortune. Digital money is the future Moynihan lauded and acknowledged the idea of digital money and said that Bank of America has “more to gain than anybody” as trends indicate a…
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The plight of European banks has remained steady throughout the years. The banks have been outperformed by their American counterparts yet again. What’s happening with European banks? The European banks have been suffering for years, and their sheer lack of opportunity is leading to a one-sided competition with Wall Street rivals. Their wholesale banking business…
