Philipp Haessler News
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Commerzbank AG, the loss-making German bank that got 18.2 billion euros ($24 billion) in state aid, fell for a fourth day as Chief Executive Martin Blessing prepared to carry out the fifth capital increase in four years.
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The European Union’s decision to force Cypriot savers into a bailout came after banks grew so large that they dwarfed the nation’s economy, resembling Iceland’s finance industry before its collapse.
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Deutsche Bank AG agreed to sell its BHF-Bank unit to RHJ International for 384 million euros ($497 million) after year-long talks on a deal that helps Germany’s biggest lender meet tougher capital requirements.
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As Europe’s sovereign debt crisis escalates, Germany is becoming a magnet for depositors keen to stow their savings in the euro area’s safest market.
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Deutsche Bank AG is considering reducing bonuses for investment bankers in Europe by as much as 20 percent on average for 2012, while bankers in New York will see smaller declines, said four people briefed on the matter.
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Deutsche Bank AG, Germany’s biggest bank, was asked by the nation’s financial regulator BaFin to simulate a split of its consumer banking and trading businesses, said two people with knowledge of the situation.
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Allianz SE, owner of the world’s second-biggest asset management business after BlackRock Inc., is trimming targets for that unit as Europe’s debt crisis crimps investment returns.
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Commerzbank AG fell to the lowest price in more than two years in Frankfurt trading as Germany’s second-biggest bank said it plans to raise about 5.3 billion euros ($7.5 billion) selling new shares to help repay state aid.
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Commerzbank AG, Germany’s second- biggest bank, will cut 4,000 to 6,000 jobs over the next four years to reduce costs and meet its profit goals.
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When Allianz SE executive Oliver Baete was 18, he spent his Christmas holiday drilling in the cold and rain at a road works in Cologne to save up for a moped.
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