Search Results for: Deutsche Bank

Switzerland’s central bank just lost $52 billion

Switzerland mountain range

The Swiss Franc is getting crushed. Most banks around the world couldn’t survive losing $50 billion in six months. But most banks don’t print their own money. The Swiss National Bank, Switzerland’s central bank, announced on Friday that it suffered a first-half loss of 50.1 billion Swiss francs ($52 billion), the vast …

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Cyprus banks to remain closed until Thursday

Bank of Cyprus

The Cypriot finance minister has ordered all the country’s banks to remain closed until Thursday, the country’s central bank announced. Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the …

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Italian banks are going bust

Italian banks Italy

Italian banks face some big problems. The thing is they are pretty much the same as last year. Shares in Italian banks have slumped this year, amid fears that lenders need more capital to manage losses on bad loans. While some banks could do with raising capital—UniCredit for one has a thin …

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Switzerland to vote on banning banks from creating money

Switzerland money currency Swiss

Switzerland will hold a referendum to decide whether to ban commercial banks from creating money. The Swiss federal government confirmed on Thursday that it would hold the plebiscite, after more than 110,000 people signed a petition calling for the central bank to be given sole power to create money in the …

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Iceland citizens to get paid from sale of bank

Iceland flag bankers bank

First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki. If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr …

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New ad from Australian bank will shock you

ANZ

If you’re looking around right now for a new bank account that pays a reasonable rate of return, ANZ bank has a hell of a deal for you: 0%! That’s right. ANZ is offering its depositors absolutely zero interest. Now, a bank paying 0% isn’t exactly abnormal in today’s banking environment. But …

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HSBC closes UK bank accounts held by Syrians

HSBC

HSBC has been accused of “shamelessly profiling” its customers by ethnicity after it closed bank accounts belonging to Syrian refugees and students in the UK just days after it was accused of discriminating against Muslim clients. Documents and email correspondence obtained by The Independent show that HSBC, which styles itself as the …

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Obama stops NSA spying on IMF and World Bank

International Monetary Fund Headquarters

International Monetary Fund Headquarters in Washington, DC. US President Barack Obama has called on the National Security Agency to halt spying on the headquarters of the International Monetary Fund and World Bank in conjunction with a review of surveillance activities, Reuters reported. A US official told the news agency that …

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Bank of America to fire 16,000 by year end

Curious why nearly 4 years ago to the day Ben Bernanke and Hank Paulson told Ken Lewis to purchase Merrill Lynch “or else” (but to make sure everyone gets paid their bonuses bright and early with no cuts)? It certainly had to do with the stock price and preserving the …

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Audit the Fed threatens the secrecy of the Federal Reserve Bank

Senator Ron Paul, author of the legislation called Federal Reserve Transparency Act of 2012 (HR459) that will subject Ben Bernanke and the privately-owned Federal Reserve Bank to a monetary audit policy has seen much support from his peers on Capitol Hill. The House of Representatives passed 327 – 98 on a vote last week …

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Commonwealth Bank of Australia hires G4S to spy on politicians

commonwealth bank

An undercover surveillance operation ordered by the Commonwealth Bank has embroiled the institution in a spying scandal, with senior MPs monitored and photographed by private detectives investigating one of its critics. The bank hired security firm G4S to conduct ”Operation Lantern”, round-the-clock surveillance on consumer advocate and anti-banking lobbyist Michael …

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ECB to buy gold and stocks next as Japanese QE fails

ECB European Central Bank Yves Mersch

While it remains to be seen if a majority of the Swiss population want their central bank to purchase a whopping 1,500 tons of gold in the coming years, perhaps the most notable event for gold overnight (aside from news that while India exports fell 5% in October, gold and silver …

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Greenspan: QE failed, the unwind will be painful, ‘buy gold’

Alan Greenspan CFR

It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed’s bond-buying program fell short of its goals, and had a lot more …

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European Central Bank “models” €1 trillion in money printing

European Central Bank ECB

Update: in direct flashback from the summer of 2011 when the ECB leaked news only to retract it within minutes, this just happened: CONSTANCIO: DOESN’T KNOW ABOUT 1 TLN-EURO QE MODEL REPORT For those who have forgotten, here is the ECB playbook: leak “false” rumor, gauge market reaction, then promptly deny …

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Ukraine’s gold reserves sent to NY Federal Reserve

Gold Ukraine

A curious story, and one which should be taken with a mine of salt, has surfaced out of the pro-Russian newspaper Iskra, which reports – so far on an entirely unsubstantiated basis – that last Friday, in a mysterious operation under the cover of night, Ukraine’s gold reserves were promptly loaded …

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€4.9 billion fine for rogue trader

Jerome Kerviel

Former trader Jerome Kerviel has been ordered to spend three years in prison and pay back 4.9 billion euros (£3.9 billion) in damages for one of the biggest trading frauds in history. After a four-week trial in June, the Paris appeals court ruled this afternoon that Mr Kerviel was a …

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