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

DEUTSCHE BANK AG

(DBK)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 03/05 12:10:01 pm
10.588 EUR   +2.28%
06:40aKNORR-BREMSE  : Deutsche Bank reiterates its Neutral rating
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06:34aANALYSIS : After weathering February storm, junk bonds count on Fed protection
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06:22aSCHAEFFLER  : Deutsche Bank remains Neutral
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Deutsche Bank starts probe in relation to engagement with some clients

01/24/2021 | 05:57pm EST
FILE PHOTO: Germany's Deutsche Bank headquarters are pictured in Frankfurt

(Reuters) - Deutsche Bank AG said on Sunday it began a probe in relation to engagement with some clients after the Financial Times reported earlier that the German lender was investigating the alleged mis-selling of investment banking products.

"We initiated an investigation in relation to our engagement with a limited number of clients. We cannot comment on details of the investigation until it is complete", a Deutsche Bank spokesman said in an emailed statement late on Sunday.

The Financial Times reported that the lender was probing if its staff mis-sold sophisticated investment banking products to clients in breach of European Union rules and then colluded with individuals within these companies to share the profits.

The internal probe was triggered by client complaints last year, the newspaper reported, citing people familiar with the process, adding that the investigation initially focused on the desk in Spain, which sells hedges, swaps, derivatives and other financial products.

An audit had found that the bank wrongly categorised client firms under the Markets in Financial Instruments Directive (Mifid) rules, which require banks to separate their clients by levels of financial sophistication, according to the newspaper.

Sources told the newspaper that the lender believes some of its staff knowingly sold inappropriate or unsuitable products to customers who may not have been able to understand and shoulder the risk they were taking with these positions.

The probe, called Project Teal, is also looking into accusations that there was collusion between the German bank's employees and staff at some of the clients who bought the inappropriate products.

The scope of the investigation was subsequently extended to the rest of Europe, but it was believed only Spain and Portugal-based clients were impacted, a source told FT.

The probe is drawing to a conclusion and the bank will have to soon make final disclosures to regulators, the newspaper said, adding that the bank's primary regulators, BaFin and the European Central Bank, have been informed.

(Reporting by Kanishka Singh in Bengaluru; Editing by Peter Cooney and Diane Craft)

By Kanishka Singh


© Reuters 2021
All news about DEUTSCHE BANK AG
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Financials
Sales 2020 23 730 M 28 291 M 28 291 M
Net income 2020 -210 M -250 M -250 M
Net cash 2020 34 913 M 41 623 M 41 623 M
P/E ratio 2020 -107x
Yield 2020 -
Capitalization 21 371 M 25 739 M 25 479 M
EV / Sales 2020 -0,57x
EV / Sales 2021 -0,16x
Nbr of Employees 84 659
Free-Float 92,8%
Chart DEUTSCHE BANK AG
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Technical analysis trends DEUTSCHE BANK AG
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 24
Average target price 8,82 €
Last Close Price 10,35 €
Spread / Highest target 28,3%
Spread / Average Target -14,8%
Spread / Lowest Target -61,4%
EPS Revisions
Managers and Directors
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr President
James von Moltke Chief Financial Officer
Paul Achleitner Chairman-Supervisory Board
Neal Pawar Group Chief Information Officer
Sector and Competitors