German bank in sub-prime woes
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Hypo Real Estate sees its shares slump by a third after writedowns due to US sub-prime exposure.
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Deutsche Bank is streamlining the management of its investment banking arm, raising fears that jobs may be lost in the City. The German bank is reducing the number of executives running its investment banking
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Swiss bank UBS seeks backing to sell stakes in the firm as it tries to assess the impact of the US sub-prime crisis
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IKB Deutsche Industriebank, the bank that is being bailed out after investing in subprime loans, will post a loss of up to 700 million euros, or $954 million, for the fiscal year. The chief executive, GÃ¼nther BrÃ¤unig, said during a conference call that the bank would curtail investments in international securities financed by commercial paper, a type of short-term business loan, and that it expected future earnings to be âsignificantly lower.â The bank had a profit of 179.6 million euros in the year that ended March 31. The government-owned KfW development bank and the German banking associations agreed to cover some losses at IKB after rising defaults on home loans hurt the value of mortgage-backed securities.
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The sharp rise in the euro at the end of last year could whittle down the Bundesbank's 2004 annual profit to next to nothing, spelling further bad news for Germany's already severely straitened public finances, ...
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Stocks fell on Monday as financial shares weakened on news that Germany's largest bank may take a big hit from subprime mortgage investments, while a landmark strike at General Motors raised concern about the economic outlook.
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Clouds continued to gather over the German economy on Monday, as the Bundesbank estimated that the modest recovery of the eurozone's biggest economy already appears to be running out steam.
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Swiss banking titans UBS and Credit Suisse risk losing clients to smaller rivals as annual results next week reveal the heavy impact of the US subprime crisis on their balance sheets.
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Germany's Landesbank Baden-Wuerttemberg will take over SachsenLB, a smaller public-sector bank that has been buffeted by its exposure to the U.S. subprime credit crisis, a German state governor said Sunday.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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Business confidence in Germany, Europe&#39;s largest economy, has fallen to its lowest level in more than a year, over concerns at a strengthening euro.
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Finance firm GMAC has to take out a $21.4bn loan to cover its exposure to the sub-prime mortgage crisis.
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Business & money: Building society damaged by the sub-prime mortgage crisis in the US and other one-off charges
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Surging oil prices and the runaway strength of the euro, currently at an all-time high around 1.32 dollars, are undermining industrial confidence in Germany, a key survey showed.
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An outright credit squeeze has not arrived in Europe, but some bankers there are finding it trickier to navigate the global credit crisis.
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Deutsche Borse's attempt to take over the London Stock Exchange (LSE) faced fresh difficulties on Thursday when German politicians and bankers demanded a Frankfurt head office for the combined entity.
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The banking company is holding up in a tough market.