‘Trading Like a Lehman Moment’ — Credit Suisse, Deutsche Bank Suffer From Dis...
It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world’s largest banks, are suffering from distressed valuations and the banks’ credit default insurance levels are approaching degrees not seen since 2008. Credit Suisse and Deutsche Bank Valuations Have Dive-Bombed — Investors Discuss the Systemic Risk to the Global Economy During the first week of October, the world economy....
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In this week’s edition of the Bitcoin.com News Week in Review, two of the world’s largest banks — Credit Suisse and Deutsche Bank — are suffering from distressed valuations, with credit default insurance levels looking like those last seen in the 2008 financial crisis. For those interested in assets outside of such behemoth tradfi (traditional finance) institutions, a handy guide on how to claim your ETHW tokens from the recent Ethereum hard fork can also be found in this edition. Further, a U.S. senator has introduced a “No Digital Dollar Act,”....
Deutsche Bank AG, Germany’s largest lender with over $1.7 trillion in assets, agreed to a $7.2 bln settlement with the United States government this past week for allegations of loan modifications. Swiss-based Credit Suisse also agreed to a penalty of $5.28 bln for virulent mortgage-based securities. In total, the two major financial institutions have agreed to a $12 bln settlement, an amount far less than the initial proposal of $14 bln for Deutsche Bank and $7 bln for Credit Suisse. In an official statement, Deutsche Bank stated: “The financial consequences, if any, of the consumer....
During all of these ongoing investigations, the Bitcoin price has been soaring. Two of the world’s largest banks have been fined over their malpractices. Deutsche Bank agreed to a US$7.2bn settlement over its mortgage-back securities investigation. Credit Suisse Group AG will pay US$5.28bn for a similar incident. More and more of these stories have been popping up in recent months. It is evident the banking sector is prone to more fines shortly. Settlement cases in the financial sector are not out of the ordinary. Unfortunately, it appears banks have so much malpractice to answer for as of....
Deutsche Bank’s economists have warned that the U.S. will suffer a major recession next year. However, several other major investment banks, including Goldman Sachs and JPMorgan, are less pessimistic about the future outlook for the U.S. economy. Major US Recession Incoming, According to Deutsche Bank’s Economists Deutsche Bank has predicted a deeper downturn than its previous forecast for the U.S. economy in a report to clients, published Tuesday. The bank’s economists, including David Folkerts-Landau, group chief economist and head of research, explained in the....
Hours after it was announced that Credit Suisse is to pay US$2.6 billion in fines for aiding tax evasion, the former director of the United States Mint has spoken out against the bank – and in support of cryptocurrencies. While Credit Suisse’s director, Brady, publicly downplayed the result, saying the fines “[did not have] any material impact on our operational or business capabilities”, Edmund C. Moy tweeted in response: “$2.6B fine 'won't do much damage': Credit Suisse CEO. It's time banks got competition. Time for cryptocurrencies.” Such a reaction from within the government's....