Both Brexit and Deutsche Bank have the elements of a slow-motion train crash. You can look away for a while, and hope things improve, but there seems to be a force at work that no intervention can derail. Theresa May will spend this week appealing for voters to pressure their local MPs into supporting a Yes vote on the Withdrawal Agreement on Tuesday next, 11 December. Most British voters are telling anyone in sight that they are sick of listening to talk about Brexit. However, there's a full week of Brexit on the way, including all the elements of a constitution crisis, a looming no-confidence vote, the continued implosion of the ruling Conservative party, and the full-scale panic that will emerge when a no-deal Brexit starts to look likely. As it stands, the parliamentary arithmetic suggests the vote will be a no, threatening to generally ruin everyone's Christmas.
It's never a good look when the police are ripping through your headquarters and despite rumours that Deutsche Bank may actually make a profit this year, it remains entrenched in a myriad of investigations. The latest of these involves a wealth management fund in a Virgin Islands-based subsidiary. Deutsche's chief executive Christian Sewing was in charge of private banking and wealth management during the time of the charges, though he says he expects nothing to come out of the investigation. "Sewing told a German newspaper over the weekend that the shares should recover soon as Deutsche Bank heads for its first annual profit in four years. He said the bank had previously investigated the issues raised by the Panama Papers in cooperation with supervisors, and had assumed the matter was closed." Well, we're afraid that won't quite cut it, Christian, as there's more than a hint that Deutsche Bank's processes are not very robust. Indeed, we point readers back to a report in Business Insider earlier this year noted that Deutsche's AML procedures left everything to be desired. "In the 13-page June report, which was shared with the European Central Bank (ECB), Deutsche Bank found a pass rate of zero percent in countries such as Russia, Ireland, Spain, Italy and South Africa when it checked how client files had been processed." The target was 95 percent.
European payments business Worldline confirmed at the weekend its acquisition of Swiss payments business SIX Payments. In a statement, Worldline said that from a strategic point of view, Worldline and SIX Payments are will complement each other's services: "As a result, the combined Group is now the leading and largest European provider in the payments industry, reaching c. 10 percent European market share in Merchant Acquiring and c. 20 percent in Financial Services." The group said that the deal will include a 10-year commercial agreement with SIX to "deliver financial processing services to the Swiss banking ecosystem, with long term oriented quality of services and best-in-class innovation."
Brett King's Moven business has announced a partnership with the popular Russian service Yandex.Money. "Yandex.Money said the partnership provides its 46 million users with a real-time personalized financial experience (PFE) service in their e-wallet mobile app. In North America Moven's direct to consumer, smart banking offering includes a debit card and advice-driven app that helps customers spend less and save more," writes Forbes. "The Yandex.Money financial adviser is the first PFE service in the Russian e-wallet market."
Deutsche Bank scored three stars in the 2018 Lafferty Banking 500 study. The maximum score is five stars.
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