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Deutsche Bank bets on continuity at investment bank: Financial Times

“The headquarters of the Deutsche Bank is pictured in Frankfurt Thomson Reuters FRANKFURT (Reuters) – Deutsche Bank will avoid a radical shift in strategy for its investment bank and instead focus on targeted cuts to increase profitability, investment banking chief Garth Ritchie told the Financial Times” reports businessinsider.com. Ritchie wants cuts that outsiders “probably won’t notice” because they will happen in businesses where Deutsche is not very strong. The appointment on Sunday of Christian Sewing as chief executive and the abrupt departure of his predecessor John Cryan fueled market speculation…

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Morgan Stanley to hire 80 in Paris after Brexit: source

“Morgan Stanley already employs around 120 bankers in Paris, and Reuters reported last July the bank has chosen Frankfurt to be its main base for its EU operations after Brexit” reports businessinsider.com. U.S. and European banks are starting to execute contingency plans, after British Prime Minister Theresa May ruled out retaining passporting rights for financial services.Swiss bank UBS earlier this month said it would pursue a decentralized approach, with staff mainly moving to Frankfurt and other locations where their clients are based.The potential transfer or creation of roles by the…

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Siemens medical equipment unit Healthineers starts trading at 29.10 euros in Frankfurt debut

“The medical equipment unit of German engineering firm Siemens began trading on the country’s stock exchange Friday” writes Michaela Rehle for cnbc.com. Siemens is selling a 15 percent stake in the world’s biggest maker of medical imaging equipment.Siemens had offered the shares in a range of 26 to 31 euros, but Reuters reported Thursday the company had decided to price the shares at the lower end of that guidance, at 28 euros per share.While that would mean the total valuation would be below initial expectations of 35 to 40 billion…

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Exclusive: StanChart presses ahead with Frankfurt job moves as EU rejects Brexit plan

“FILE PHOTO: A man walks past the head office of Standard Chartered bank in the City of London Thomson Reuters By Emma Rumney and Lawrence White LONDON (Reuters) – British bank Standard Chartered has begun interviewing candidates for the around 20 banking jobs that it is moving to Frankfurt because of Brexit, Chief Financial Officer Andy Halford said on Wednesday” reports businessinsider.com. “Because that provides a degree of certainty irrespective of what will happen on the political front, we will continue with that,” Halford told Reuters in an interview at…

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Goldman Sachs likely to have EU hubs in both Paris and Frankfurt after Brexit

“Goldman Sachs boss Lloyd Blankfein has warned uncertainty over Brexit will lead to the US investment bank moving jobs from London to Paris and Frankfurt” writes James Titcomb for telegraph.co.uk. In an interview with French newspaper Le Figaro, Mr Blankfein said Brexit was forcing the bank to “decentralise” its European operations. “We will have more staff on the continent,” he said. Source: telegraph.co.uk Share This:

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Brexit: Frankfurt lobby group calls for housing boost to deal with ban

“The head of Frankfurt’s financial lobby group is appealing for further housing investments just weeks after launching a fast track work permit programme to deal with an influx of workers ahead of Brexit” writes Kalyeena Makortoff for independent.co.uk. It is now rolling out a programme that helps financial services firms “fast track” their work permit applications. Source: independent.co.uk Share This:

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Goldman Sachs CEO Sparks Fresh Fears Over London’s Financial Capital Status

“The CEO of Goldman Sachs has stoked fears that the banking giant could pull more staff out of London after he took a thinly-veiled shot at the UK over Brexit” writes Jasmin Gray for huffingtonpost.co.uk. In a rare tweet, banking boss Lloyd Blankfein sang the praises of Frankfurt – Germany’s financial centre – adding that he would be “spending a lot more time there”. Source: huffingtonpost.co.uk Share This:

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Bank boosts post-Brexit plans with Frankfurt office deal

“The bank has the option to take all the floors or sublet space” writes Jill Treanor for theguardian.com. More than 9,750 potential job moves have so far been announced.The Wall Street bank, which employs 6,000 staff in the UK, has been searching for office space in the German financial centre for the last six months as it looks to continue operations across the EU after Brexit. Source: theguardian.com Share This:

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UBS says not target of German tax evasion investigation

“ZURICH (Reuters) – Swiss bank UBS said on Thursday it was not the subject of a German investigation into suspected tax evasion following a search of its Frankfurt site a day earlier” reports businessinsider.com. No documents were seized at UBS’s offices in Wednesday’s search, which was part of a probe into suspected tax evasion by UBS clients.”The investigation of the German authorities is not related to a criminal or civil proceeding against UBS,” the bank said. In 2014, UBS paid about 300 million euros ($352 million) to settle claims by…

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