Deutsche Bank AG’s Frankfurt headquarters were raided today as part of a new probe of fraud allegations related to lawsuits filed by the late Leo Kirch while the third top executive was put under investigation.
Deutsche Bank AG’s finance chief said he expects profit at banks to rise in 2015, while UBS AG Chief Executive Officer Sergio Ermotti said Europe needs more reforms for earnings at the continent’s lenders to recover.
Deutsche Bank AG, Germany’s biggest lender, said it adjusted how it accounted for a transaction with Banca Monte dei Paschi di Siena SpA after a regulatory probe uncovered information that changed the nature of the deal.
Banca Monte dei Paschi di Siena SpA’s accounting of loans obtained from Deutsche Bank AG and Nomura Holdings Inc. is being scrutinized by financial rule- setters as the Italian bank prepares to repay its bailout.
Deutsche Bank AG, continental Europe’s biggest bank, will reduce its balance sheet as regulators implement stricter rules on the relation of equity to total assets, Chief Financial Officer Stefan Krause said.
Deutsche Bank AG hired law firm Fried Frank Harris Shriver & Jacobson LLP in March 2010 to conduct an internal probe days after a trader alleged the bank had misrepresented the value of derivatives to mask paper losses during the financial crisis.