Discover and read the best of Twitter Threads about #deutsche

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I already tweeted my main thoughts on a #Deutsche #Commerz deal but since it is now LIVE, a few additional thoughts (thread.)
The social cost is likely to be very high (think 20,000 jobs.) The government must be really desperate about the situation of Deutsche to push for that deal!
Is it a good deal though? German banking M&A is notoriously difficult, there are a few horror stories (Dresdner, HVB…) and even in Excel land, the maths are not great – that’s even if you make bold assumptions on synergies.
Read 18 tweets
So I've been asked my thoughts on the #AT1 non call decision by #Santander so here's a quick thread on this. Careful, reader, this is not 50% as fun as a thread on #Deutsche 🤪🤣#Coco
So what happened? Yesterday, Santander decided not to call its 6.25% AT1 bond. We were all watching because it was the first bond to come to call date with no obvious decision.
This was more or less expected. Some (@BondHack e.g.) saw it coming, some [@subfincredit e.g.) were more optimistic. Overall, it's total b/s to say the market was shocked. It was more a popcorn type of event than the DB non call in 2008
Read 20 tweets
Yeaaah it’s results day at #Deutsche bank and I know what all you guys want is a #Deutsche thread. I feel a bit useless because @subfincredit basically said everything you need to know yesterday, but let’s try!
1st the results: well, they’re shitty, but in the ‘shitty like always’ kind of way. So no drama. 300m loss, close to consensus, ROE of 0.4% for FY 2018 (please don’t laugh, it’s not funny) but the underlying is also 0 vs 100m expected profit.
Strategy has changed, like every quarter: now they are going to reduce costs and increase revenues. Sounds familiar? Yeah, I wonder why. I guess they are going to fudge the FTE numbers again.
Read 27 tweets
#Deutsche and other banks given “waivers” from @realDonaldTrump
Yes, #Obama did temporary waivers, making them pay for the 2008 crisis, w/#SallyYates working towards them paying penalties to the victims, working w/the U.K.‘s charges etc...NO, IT IS NOT THE SAME THING!
11/24/2015 Deutsche Bank Suisse will pay a penalty of more than $31 million.…

The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates... announcement
published in the Federal Register during the #Christmas holiday week.

Trump administration waivers was granted to #Deutsche Bank — which is owed at least $130 million by Donald Trump and his business empire, and has also been fined for its role in a #Russian #moneylaundering
Read 14 tweets

The police continue to raid #DeutcheBank for a 2nd straight day, including searches of the offices of *each of the TOP 8 executives*.

Deutsche was recently #busted for laundering cash for #Russians🇷🇺and is the only Western bank to lend to Trump.…
The police raids are targeting two suspects. One suspect works in the bank’s anti-financial crime unit. The other suspect works in the *private wealth unit*, where @realDonaldTrump’s real estate loans originated (NOT from Deutsche’s commercial loans group).🤨
One key question is whether #Deutsche’s loans to @realDonaldTrump (when NO other Western bank would loan to him) were backed by someone else who put up collateral👉🏼Trump’s loans bizarrely came from the *private wealth* unit, where Justice Kennedy’s son served as his banker.🧐
Read 3 tweets

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