GBP News 

Barclays moving up to 50 investment bankers to Frankfurt ahead of Brexit

“Barclays is moving up to 50 investment banking jobs from the UK to Frankfurt as it accelerates preparations for Brexit” writes Matthew Lynn for telegraph.co.uk. Forty to 50 of these jobs will be based in a unit in Frankfurt, a branch business that sits below the Ireland subsidiary.The high street bank employs almost 49,000 people in the UK in total.The UK bank has previously said it is moving between 150 to 200 people to its business in Dublin, which has an EU banking licence and will be its main base…

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Everton watching Croatian World Cup forward

“Tottenham Hotspur and Borussia Dortmund have already been linked with the Croatian forward and now the Daily Mirror are reporting that Everton have entered the race as well” writes Jun Bst for sbnation.com. The Fiorentina forward on loan at Eintracht Frankfurt had an excellent season in the Bundesliga leading his team to 8th place, just out of the Europa League spots.The Croatian is a hard-running forward who makes his presence felt, applying pressure high up the pitch and quick in transition when his side is in possession. Source: sbnation.com Share This:

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News Regulators 

Deutsche Bank making progress on turnaround: ECB source

“FILE PHOTO: The head quarters of Germany’s largest business bank, Deutsche Bank, is photographed in Frankfurt Thomson Reuters FRANKFURT (Reuters) – Deutsche Bank has made good progress in its efforts to address regulatory concerns, a person familiar with the thinking of the European Central Bank said on Friday after Standard & Poor’s downgraded its rating on the German bank” reports businessinsider.com. “The bank has been making good progress over the past year to address its regulatory concerns,” the source said, requesting anonymity due to the sensitivity of the matter. “The…

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Deutsche Bank to cut thousands of staff in investment bank revamp

“The reductions will decrease the investment bank’s leverage exposure by 100 billion euros, or 10 percent, with most of the cuts to take place this year, Deutsche said” reports businessinsider.com. The bank said that it would cut headcount by 25 percent in its equities sales and trading business following a review of the business. The details on the bank’s strategy come ahead of the bank’s annual general meeting on Thursday. Source: businessinsider.com Share This:

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News Regulators 

ECB making ‘substantial’ inflation progress

“The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt Thomson Reuters FRANKFURT (Reuters) – The European Central Bank has made “substantial” progress in lifting inflation but its work is not yet done and requires patience from policymakers, ECB Chief Economist Peter Praet said on Thursday” reports businessinsider.com. “We cannot yet declare ‘mission accomplished’ on the inflation front, but we have made substantial progress on the path towards a sustained adjustment in inflation,” Praet said. Source: businessinsider.com Share This:

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Deutsche Bank fired 300 U.S.-based investment bankers on Wednesday: source

“A red traffic light is photographed in front of the head quarters of Germany’s largest business bank, Deutsche Bank, in Frankfurt Thomson Reuters FRANKFURT (Reuters) – Deutsche Bank fired 300 U.S.-based investment bankers on Wednesday as part of a broader overhaul of the global unit, a person with knowledge of the matter said on Thursday” reports businessinsider.com. The bank will lay off another 100 U.S. bankers by the end of the week, said the person, who was speaking on condition of anonymity. Source: businessinsider.com Share This:

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News Regulators 

ECB Expected to Take Confident Tone Despite Slowing Economy

“Euro zone inflation is so weak that even after the creation of 9 million jobs since early 2013, measures of underlying price growth that strip out energy and food are barely rising” writes Balazs Koranyi for reuters.com. Indeed, with the 19-country bloc’s economy having expanded for 20 straight quarters, the main debate among policymakers is about how quickly to withdraw stimulus.This suggests that the euro zone’s economic downturn was more severe than earlier thought and makes the recovery even more protracted.Having tweaked its guidance last month to reflect solid growth,…

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Deutsche Bank announces investment bank cuts after sharp profit drop

“A red traffic light is photographed in front of the head quarters of Germany’s largest business bank, Deutsche Bank, in Frankfurt Thomson Reuters FRANKFURT (Reuters) – Deutsche Bank on Thursday announced cuts to its investment bank after posting a 79 percent drop in net profit in the first quarter” reports businessinsider.com. Deutsche Banks said it will scale back its bond and equities trading activities, including cuts to its business with hedge funds. The bulk of the cuts will focus on the United States and Asia. Source: businessinsider.com Share This:

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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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