Brexit

BobQ

A new word for the English Language.

http://money.cnn.com/2015/05/19/news/companies/deutsche-bank-brexit/

Cameron is about to reap what he has sowed

The announcement from Deutsche Bank (DB) comes less than a month after Britain's biggest bank, the HSBC (HSBC), said it was considering moving its headquarters out of the U.K. because of tough regulations and uncertainty over the country's future in Europe.

Deutsche said the working group, which includes senior executives across the bank's divisions, is at an early stage, with no decisions made so far.

The bank's spokesperson said clients have been approaching the bank in the past few months and weeks looking for advice on the topic.

Deutsche Bank operates in 16 locations in the U.K., employing just under 9,000 people. The bank's shares were trading 1.8% up on Tuesday morning in London.

michaels

I don't know what the answer is. However notice that the Scots are willing to take a reduction in GDP to be independent from the UK. Not everyhting in life is about GDP per head.

antrobus

BobQ wrote: »

A new word for the English Language.

http://money.cnn.com/2015/05/19/news/companies/deutsche-bank-brexit/

Cameron is about to reap what he has sowed

And Andy Burnham.:)

He wants a referendum too, it seems.

http://www.euractiv.com/sections/uk-europe/uk-labour-frontrunner-calls-eu-referendum-2016-314629

P.S. Brexit ain't that new. It's been around since 2012. Coined by someone from British Resistance apparently. (Who like neo-fascists to me.)

http://www.macmillandictionary.com/buzzword/entries/brexit.html

ruggedtoast

Ha. What a joke. 5 years of a Tory government. I think we can be sure that the bankers aren't going to be facing 'tough regulations' any time soon.

Thrugelmir

As with RBS etc they are going through fundamental change.

Deutsche Bank's earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul.

Quarterly net profit sank to 559 million euros ($608 million) versus a year ago, despite a 24 percent rise in revenue driven primarily by an increase in client trading activity.

Group revenue rose to a near record 10.4 billion euros. Almost half came from the investment bank, but its pre-tax contribution fell by more than half due to litigation and regulatory expenses and currency swings, the bank said on Sunday.

Deutsche has so far positioned itself as Europe’s “last man standing” in investment banking, even though it has made cuts in certain business lines.

That strategy bore fruit in quarterly revenue figures, with the contributions from its debt trading business rising 9 percent versus a year ago and from its small but growing equities trading division by 31 percent.

Deutsche on Friday announced a new strategic plan including the sale of its Postbank retail chain and additional paring back in investment banking. Details are to be unveiled on Monday.

Big trading banks such as Deutsche received a boost in fee income in the first quarter after the Swiss National Bank scrapped a cap on the franc, the European Central Bank announced its quantitative easing program and the U.S. Federal Reserve took steps to tighten monetary policy.

European rivals such as UBS and Barclays have taken an axe to trading desks, while Deutsche has kept its dealing divisions. Already in the previous quarter, trading revenue at Deutsche had risen 20 percent, bucking declines at Goldman Sachs and Morgan Stanley.

LEGAL COSTS

A 1.5 billion euro charge to fortify the bank’s legal reserves, depleted in the wake of a $2.5 billion legal settlement for alleged rate rigging, bit into its bottom line.

Signaling that more pain is in store, Germany's flagship bank raised contingent liabilities - or legal costs that it deems possible but unlikely - by half to 3.2 billion euros, saying it was now able for the first time to estimate costs of certain risks.

At Deutsche Bank’s retail franchise, which will shrink with the planned disposal of Postbank, revenue increased by 1 percent on the year, a slower pace than other operating divisions.

Analysts had expected net income to drop 40 percent to 655 million euros for the quarter, according to a poll of five brokers.

The results, published three days earlier than originally scheduled, come at a tumultuous time for its co-chief executives, Juergen Fitschen and Anshu Jain.

U.S. and British regulators fined Deutsche a record $2.5 billion on Thursday for trying to manipulate benchmark interest rates. The bank has said that neither Jain, who was running the investment bank at the center of the scandal, nor other management board members were found to have been involved or aware of the trader misconduct.

Fitschen, meanwhile, will stand trial on Tuesday in Munich over allegations that he and other former executives worked to precipitate the collapse of the Kirch media empire in order to generate bountiful advisory fees to restructure the group.

Fitschen has said publicly that he “neither lied nor deceived” in the Kirch case.

Deutsche Bank has paid over 9 billion euros in fines and settlements since 2012, with analysts pointing to around 4 billion more expected in 2015.

http://www.reuters.com/article/2015/04/26/us-deutsche-bank-results-idUSKBN0NH0GI20150426

purch

The biggest surprise here is that Deutsche Bank actually employs over 9,000 people in the U.K.

Generali

purch wrote: »

The biggest surprise here is that Deutsche Bank actually employs over 9,000 people in the U.K.

It just shows how 'efficient' they are.

Any large company will be planning for what happens if there's a Brexit.

As for the chances of a Brexit?

http://www.cityam.com/215015/brexit-voters-back-eu-membership-support-referendum-falls

A new poll for the Times' Red Box showed 34 per cent of people said they would definitely vote for Britain to remain in the EU compared to just 18 per cent who were certain to vote for Brexit. Support for having a referendum on Britain's EU membership has also dipped from 58 per cent two years ago to 50 per cent today.

So fewer than a fifth of voters want out. A Brexit isn't going to happen. Betfair aren't even running a market on it! (All you do to run a market is ask Betfair so not a single person has even been bothered enough to get a market going).

BobQ

Generali wrote: »

It just shows how 'efficient' they are.

Any large company will be planning for what happens if there's a Brexit.

As for the chances of a Brexit?

http://www.cityam.com/215015/brexit-voters-back-eu-membership-support-referendum-falls



So fewer than a fifth of voters want out. A Brexit isn't going to happen. Betfair aren't even running a market on it! (All you do to run a market is ask Betfair so not a single person has even been bothered enough to get a market going).

I am sure you are right about the lack of interest. But once it is clear what a negotiation has achieved and a referendum is called it may be different.

Of course if the news is positive (EU:sensible ideas from UK, agreements to change UK: successful return of powers, success) it will all blow over.

If however we get public posturing (EU: The UK is being unreasonable and is isolated, demands unreasonable. UK: We cannot accept this continuing erosion of border controls, return our sovereignty or else), I suspect interest and anti-EU feelings will rise.

You only have to look at the way Scotland reacted to authoritarian lectures from Westminster. That nearly went terribly wrong in six months.

BobQ

http://www.theguardian.com/business/2015/may/22/secret-bank-of-england-taskforce-investigates-financial-fallout-brexit

Shocking news that the BoE is investigating the impact of Brexit. While it is hardly a surprise why is it such a secret?

ruggedtoast

Generali wrote: »

It just shows how 'efficient' they are.

Any large company will be planning for what happens if there's a Brexit.

As for the chances of a Brexit?

http://www.cityam.com/215015/brexit-voters-back-eu-membership-support-referendum-falls



So fewer than a fifth of voters want out. A Brexit isn't going to happen. Betfair aren't even running a market on it! (All you do to run a market is ask Betfair so not a single person has even been bothered enough to get a market going).

My real worry is that there are an awful lot of committed Daily Mail reading, Right wing voting, Murdoch Media consuming chippy - Little Englander xenophobes, who will view referendum day like all their birthdays, Christmases and Easters come at once.

They'll be outside the polling booths before they open and every single one of them will vote us out. Most people with a few brain cells connected together, if asked by a pollster, will say we need to be in the EU.

Will enough of those people turn out to vote down the imbeciles.

I'm not sure.

CLAPTON

ruggedtoast wrote: »

My real worry is that there are an awful lot of committed Daily Mail reading, Right wing voting, Murdoch Media consuming chippy - Little Englander xenophobes, who will view referendum day like all their birthdays, Christmases and Easters come at once.

They'll be outside the polling booths before they open and every single one of them will vote us out. Most people with a few brain cells connected together, if asked by a pollster, will say we need to be in the EU.

Will enough of those people turn out to vote down the imbeciles.

I'm not sure.

another fair minded and balance post, showing respect for democracy and the ability to understand why people might disagree with your own inarticulate irrational prejudices.