Dirk Becker News
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Chancellor Angela Merkel is drawing fire from Germany’s banks for pushing through regulation they say is rushed and meant to appeal to voters more than lenders.
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Commerzbank AG, the German bank that got 18.2 billion euros ($23.8 billion) in state aid, reported a loss for the second consecutive quarter after booking costs associated with firing staff.
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Deutsche Bank AG, continental Europe’s biggest bank, is raising 5 billion euros ($6.5 billion) in capital, three months after co-Chief Executive Officer Anshu Jain said a share sale wasn’t in investors’ interests.
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Credit Suisse Group AG, the second- biggest Swiss bank, posted a jump in first-quarter profit on lower costs and improved earnings at the investment bank.
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Shareholders of Commerzbank AG, Germany’s second-biggest bank, may be the most furious in Europe after the stock tumbled more than any other bank outside crisis- hit Ireland and Greece.
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Credit Suisse Group AG said it’s increasing the proportion of assets under management from super- rich clients, helping to boost profit margins at Switzerland’s second-largest wealth business.
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Deutsche Bank AG, adding assets as other lenders trim their balance sheets, leapfrogged France’s BNP Paribas SA to reclaim the title of Europe’s largest bank.
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Deutsche Bank AG co-Chief Executive Officer Anshu Jain is cutting compensation to placate shareholders as Europe’s debt crisis slashes financial-industry jobs, leaving workers fewer opportunities to defect.
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Cyprus bank deposits returned more than 24 percent over the past five years, almost double the returns on comparable German accounts.
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Commerzbank AG Chief Executive Officer Martin Blessing gave up his bonus for last year and cut the payouts by an average 17 percent across the firm, warning of higher costs and more pressure on revenue.
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