Deutsche Bank and Google Cloud have agreed to join forces and form a strategic partnership that aims to redefine how the bank develops and offers its financial services. The partnership is unique in that it will not only deliver cutting edge cloud services to Deutsche Bank, but also enable co-innovation between the two companies to create the next generation of technology-based financial products for clients. Both parties have signed a Letter of Intent and plan to sign a multi-year contract within the next few months. Read more
Credit Suisse has taken out adverts in British Sunday newspapers stressing a zero-tolerance policy on tax evasion, as the Swiss bank tries to limit any damage to its reputation from raids on three of its offices. Ciara Lee reports. Continue reading
Global banks expect trading volumes and volatility to spike after the U.S. presidential election, so they’re boosting staff and taking precaution. Fred Katayama reports. Continue reading
ING Group, the Netherlands’ largest financial services company, plans to shed 7,000 jobs and invest heavily in its digital platforms to achieve annual savings of 900 million euros ($1 billion) by 2021.
Consumers in London welcome a European Commission order that Apple Inc. must pay Ireland unpaid taxes of up to 13 billion euros (US14.5 billion dollars) as it rules the firm received illegal state aid.
(BVO) – It was the right client but the wrong amount.
Known as a ‘fat finger’ episode, a junior trader at Deutsche Bank wired $6 billion to a US hedge fund, according to the UK’s FT newspaper.
(REUTERS) – A massive sell-off drove the Dow to shed more than 1,000 points at the day’s low. A bounce back by Apple helped cut the losses but it still closed with the steepest drop in four years.
Sparking the plunge: a further fall in Chinese equities and commodity prices.
John Cryan, former UBS Chief Financial Officer and on Deutsche Bank’s supervisory board, has been appointed the latter’s new Chief Executive Officer, as the bank tries to clean up its image.
Former trader Tom Hayes, on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by U.S. bank Citigroup in 2010, prosecutors tell a London court.
(BVO) – Sales at Sweden’s H&M continue to soar.
The budget fashion retailer beat expectations in the first-quarter delivering pre-tax profits of $551 million dollars.
Sales in local currencies rose 15 percent.
But a strong dollar is causing problems – pushing up costs for the world’s second largest fashion retailer and others.