Christian Hamann News
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Commerzbank AG, Germany’s second- biggest bank, is seeking 2.5 billion euros ($3.25 billion) in the fifth capital increase in four years to repay debt from a government rescue. The shares fell to a record low.
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Commerzbank AG, Germany’s second- biggest bank, slumped to a record low as it carried out a reverse share split, part of a 2.5 billion-euro ($3.2 billion) capital increase plan.
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German financial watchdog Bafin in cooperation with the Bundesbank is probing allegations of former Deutsche Bank AG employees that the firm hid losses during the financial crisis, three people familiar with the matter said.
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“We do know what we’re doing,” UBS AG Chief Executive Officer Oswald Gruebel told investors last year about plans to step up risk-taking to boost profit. “Risk is our business.”
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Deutsche Bank AG, continental Europe’s biggest bank, cut its reported profit for 2012 after setting aside additional money to cover legal costs linked to U.S. mortgage lawsuits and other regulatory probes.
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Commerzbank AG, Germany’s second- biggest bank, said it will sell 2.5 billion euros ($3.3 billion) of shares to repay the government and insurer Allianz SE. The company slumped the most since November 2011.
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Commerzbank AG has lost more value than peers in continental Europe outside Greece and a swing to profit in the third quarter is unlikely to boost the shares unless management cuts costs more quickly.
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Hugo Boss AG fell to a 2 1/2-week low in Frankfurt trading after Hamburger Sparkasse cut its recommendation on Germany’s biggest luxury clothier to “ hold ” from “buy,” citing the cost of the retail chain’s expansion.
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Deutsche Bank AG co-Chief Executive Officer Juergen Fitschen and Stefan Krause, the firm’s chief financial officer, are subjects of a tax probe involving the sale of carbon-emission certificates that led to five arrests and police raids on the lender’s Frankfurt offices.
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Stefan Krause , who left the auto industry after a 20-year career to join Deutsche Bank AG as chief financial officer, had a memorable introduction to the banking world in April 2008. On his first day, Germany’s biggest lender announced a record loss on loans and asset-backed securities.
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