Swedbank chief executive fired as money laundering claims rock the bank Swedbank's board this morning sacked its chief executive after a series of money laundering accusations rocked the Swedish bank. Birgitte Bonnesen will be replaced by Anders Karlsson, the current finance chief. Read more: Swedbank chief executive fired amid money laundering claims "The developments during the past days have created an enormous pressure for the bank. Therefore, [...]
New York authorities open investigation into Swedbank – report US authorities have opened an investigation into under-fire Swedish bank Swedbank over suspicions it misled them over its customers’ ties to the infamous law firm Mossack Fonseca. Broadcaster SVT reported today that the New York State Department of Financial Services asked Swedbank in 2018 and 2016 for information on all contacts its customers had with [...]
HMRC launches first investigations using new corporate money laundering powers HM Revenue and Customs (HMRC) has launched its first criminal investigations under a new money laundering offence, freedom of information requests reveal. The tax authority is investigating a handful of cases under the corporate criminal offence of failure to prevent the facilitation of UK tax evasion which was introduced in the Criminal Finances Act 2017 [...]
Editor’s Notes: Davos – a festival of irrelevance and hypocrisy January 25, 2019 Davos brings the same delights every year. From the press release about the number of private jet movements to Oxfam’s annual criticism of the global super-rich, there are predictable elements to this week-long event. Another thing you can always be assured of is that some staggering hypocrisy will be on display. I came across a [...]
Deutsche Bank chairman denies merger talks after turbulent year, claims turnaround already bearing fruit December 30, 2018 Crisis-stricken Deutsche Bank is strong and is already benefiting from a turnaround plan, according to chairman Paul Achleitner. The loss making German bank’s boss was quick to play down rumours that the bank needed state aid, or that a merger was on the cars in an interview published this morning. Achleitner told German language newspaper [...]
Deutsche Bank shares drop to new all-time low after report ties it closer to Danske scandal December 6, 2018 Deutsche Bank shares were down again this afternoon on claims that it processed €31bn more of questionable funds than previously thought on behalf of Danske Bank. Last month, Danske whistleblower Howard Wilkinson claimed a major European lender was involved in processing up to $150bn (£117bn) in suspicious payments. Today, the Financial Times reported Deutsche also processed [...]
Deutsche Bank shares hit rock-bottom in the wake of police raids December 5, 2018 Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering. Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day. Police were looking for [...]
Deutsche Bank boss dismisses takeover talk following Panama Papers raids December 2, 2018 The boss of Deutsche Bank said the beleaguered German lender is not at risk of a takeover, after its shares hit a record low on Friday following a two-day police raid prompted by money-laundering allegations. Christian Sewing said he saw no “indication” of a possible merger, following speculation that Deutsche could be looking at a [...]
Raid on Deutsche Bank’s Frankfurt offices enters second day as shares fall November 30, 2018 A raid on Deutsche Bank’s Frankfurt offices has entered its second day, German prosecutors said this morning, sending shares down by almost three per cent. The operation is targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. According to a statement from German prosecutors, [...]
Deutsche Bank’s offices raided by police in Panama papers probe November 29, 2018 Deutsche Bank’s Frankfurt offices have been raided by German police this morning in a suspected money laundering investigation. More than 170 police took part in the operation which was targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. Noch ist unklar, warum ein Großaufgebot [...]