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Tag >> Deutsche Bank
It's official: The first quarter was a huge pleasant surprise. In a report fired off to clients, Deutsche Bank figures with 87 percent of the S&P 500 companies having reported, earnings for the March three-month period surged 18 percent year-over-year. This far exceeded the 12 percent expectation at the beginning of the quarter.
As Corporate America gears up to report first quarter earnings this week, Deutsche Bank fired off a report to clients that predicts modest results and a modest reaction from the stock market. The investment bank is looking for 6.9 percent year-over-year revenue growth, the sixth straight quarterly revenue increase. It will be led by revenues in energy, materials and info tech.
Deutsche Bank has launched a web-based trade finance tool for trade guarantee management. The syndicated guarantee management tool allows companies, syndication banks, and agents to access information on guarantee transactions and capture instructions in real-time, and automate information transfer. It includes extensive reporting functions, customization, and is fully integrated with Deutsche Bank’s other corporate client solutions.
Deutsche Bank has gone live with its first corporate customer transactions to be managed through the SWIFT Trade Services Utility (TSU). The bank, along with a number of other financial institutions, has been working with SWIFT and its own partner banks for five years on developing the utility—which promises a new channel for managing pre- and post-shipment trade finance services for companies.
Tele2, the telecoms company is in the process of implementing the IT2 Treasury Management System—offered through OpusCapita. The company will use it to increase automation across the treasury function and run its in-house bank. Treasury service provider OpusCapita is partnering with IT2 Treasury Solutions to offer the best-of-breed treasury management system to its clients. IT2 offers most functionality via SaaS but also is known for its server-based high-end functionality. Porsche is looking to Deutsche Bank to provide payments, collections and remittance solutions for its Middle Eastern and African operations, making use of the bank’s electronic banking platform for transaction processing and real-time status monitoring.
The way I read this Felix Salmon column posted yesterday, it sounds like Goldman Sachs, JP Morgan and Deutsche Bank are counting on the Treasury to let banks traffic in operating losses, which is normally against IRS rules. According to the column, which is based on a report in the Financial Times, banks such as Goldman Sachs, JPMorgan and Deutsche Bank have been touting new product ideas to banks that will be hit by new international capital rules known as Basel III.
In announcing that John Utendahl had joined Deutsche Bank Americas Holding Corp as a vice chairman, the bank had the usual fluffy quotes from the usual suspects that you find in such press releases. The division's CEO called the relationship banker "a trailblazing entrepreneur" and his direct boss praised his "unparalleled network of senior-level corporate relationships and his extensive experience across products and markets," as well as touting him as "a champion for diversity on Wall Street." But then we have a special appearance by General Electric's chief financial officer, Keith Sherin. (hat tip to TheStreet.com)
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Posted by kcates in Societe Generale, sec, Roy Blunt, New York Fed, Goldman Sachs, Geithner, Deutsche Bank, compliance, Charles Grassley, Barney Frank, AIG
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Congress is acting like a nest of mad hornets on word that the New York Fed hid some details of AIG’s credit-default insurance payouts to big banks in late 2008. Recall that the government was in the midst of pouring $180 billion of taxpayer bailout money into AIG at the time – and that company executives were simultaneously getting multimillion-dollar bonuses. It’s not exactly clear why NY Fed officials would actively try to keep things a secret, but it’s plain that they did, judging by an exchange of e-mail messages disclosed Thursday. The SEC was at odds with the decision and the information was released several weeks later, after things had blown over some.
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