Deutsche Bank has warned that it faces a loss of approximately €6.7 billion for 2015, its first annual loss since 2008, due largely to litigation and restructuring charges.
Deutsche said that it is likely to incur charges of around €2.1 billion for the fourth quarter, with €1.2 billion of that being for litigation costs.
In the United States, thousands of people saddled with student loans may have found a way out of paying them back. More than 7,500 borrowers owing $164 million have appealed to have their loans forgiven in the past six months, claiming that the schools they attended deceived with false promises of a lucrative career, according to the Wall Street Journal.
The appeals cite an obscure Federal law that allows debt to be forgiven if borrowers prove their schools used illegal tactics, such as lying about potential earnings, to recruit them. The US Education Department has already agreed to cancel nearly $28 million for 1,300 former students of Corinthian Colleges, a chain that went into liquidation last year. Many more are expected to have their debts forgiven.
The Financial Times reports that Portugal's central bank will partly compensate Novo Banco bondholders who lost money when their securities were transferred to a 'bad bank' last month. The FT says losses suffered on almost €2 billion of bonds provoked threats of legal action.
BBVA is changing the way banks approach IT projects by adopting agile methodologies common to the tech sector. The Spanish bank has 500 employees working in small scrum teams to speed up the development of new projects. This represents a fivefold increase in a year and a break from the typical two-year cycle of bank IT projects.
FCA says the Treasury does not interfere with its decisions
Italian bank shares slide on bad loan fears
New IMF staff paper looks at how to reap the benefits and curtail the risks of virtual currencies
Barclays cuts Asian cash equities as axe swings in global cull
First Data to create 300 jobs at new Irish R&D centre
AGD Bank and MPU launch first co-brand UnionPay debit card in Myanmar
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