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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Bank AG    DBK   DE0005140008

DEUTSCHE BANK AG

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Deutsche Bank : Bank Does Not Have Trump Tax Returns

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10/11/2019 | 02:48am EST

By Corinne Ramey

Deutsche Bank AG, President Trump's longtime lender, doesn't have the president's tax returns that were requested by congressional subpoenas, a federal appeals court said Thursday after reviewing an unredacted letter filed by the bank.

The ruling, from the Second U.S. Circuit Court of Appeals in New York, comes in response to a request by news organizations, including Dow Jones & Co., the publisher of The Wall Street Journal, to unseal that letter.

In the ruling, the three-judge panel denied the request to unseal the letter but commented on the redactions. "That letter reports that the only tax returns it has for individuals or entities named in the subpoenas are not those of the President," U.S. Circuit Judge Jon Newman wrote.

In April, Mr. Trump and his family sued Deutsche Bank and Capital One Financial Corp. in an attempt to block congressional subpoenas. The House Intelligence and Financial Services committees earlier that month had subpoenaed the banks for tax returns and financial records related to Mr. Trump, his children Donald Trump Jr., Eric Trump and Ivanka Trump, and their various business entities.

The district court judge declined to temporarily block the subpoenas, leading Mr. Trump to appeal. A decision on the subpoenas is currently pending before the appeals court.

In a letter in August, lawyers for Deutsche Bank told the appeals court that it had tax returns for two people or entities sought by the subpoenas. Those two names were redacted in the public version of the letter, prompting speculation one of those returns could be the president's.

A spokesman for Deutsche Bank declined to comment on Thursday's ruling beyond saying, "We remain committed to cooperating with authorized investigations."

A lawyer for Mr. Trump didn't respond to a request for comment.

The Deutsche Bank case is one of several lawsuits over subpoenas for Mr. Trump's tax returns currently making their way through the courts. Later this month, the same appeals court in New York is scheduled to hear arguments in a dispute between Mr. Trump and the Manhattan district attorney's office over a subpoena for his tax returns and other financial information.

Write to Corinne Ramey at Corinne.Ramey@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CAPITAL ONE FINANCIAL CORPORATION -0.13% 97.07 Delayed Quote.28.59%
DEUTSCHE BANK AG -0.45% 6.588 Delayed Quote.-5.44%
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Financials (EUR)
Sales 2019 23 332 M
EBIT 2019 -283 M
Net income 2019 -4 970 M
Finance 2019 20 132 M
Yield 2019 0,23%
P/E ratio 2019 -2,78x
P/E ratio 2020 91,4x
EV / Sales2019 -0,28x
EV / Sales2020 -0,70x
Capitalization 13 608 M
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Mean consensus UNDERPERFORM
Number of Analysts 26
Average target price 6,41  €
Last Close Price 6,59  €
Spread / Highest target 37,8%
Spread / Average Target -2,78%
Spread / Lowest Target -39,3%
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Managers
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr President
Paul Achleitner Chairman-Supervisory Board
Frank Kuhnke Chief Operations Officer
James von Moltke Chief Financial Officer
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