It’s not just Deutsche. European banking is utterly broken
From telegraph.co.uk A little while back I somewhat unwisely penned a column declaring the financial crisis essentially over. All I meant by this was that with the return of full employment and rising living standards, most of the economic wounds of the crisis had healed, at least in the US and the UK. Yet as is evident from the events of the last week, the banking crisis itself is far from over. Nine years after the initial eruption, it still rumbles on, with the epicentre now moved from the US to Europe. Only it’s not the same crisis; in large measure, it is completely different. Today’s mayhem is not so much the result of reckless bankers and people ... (full story)
Qatari funds nurse €1bn loss on Deutsche Bank stake
From telegraph.co.ukQatari funds are nursing a €1bn loss on their investments in Deutsche Bank, after a 60pc rout in the troubled German lender’s stock price since they backed a massive fund-raising two years ago.
Paramount Services Holdings and Supreme Universal Holdings have owned a combined stake of 6pc of the bank since mid-2014, buying in when the shares cost just over €25. The Qataris were among a group of investors that Deutsche tapped for €8.5bn to bolster its balance sheet.
The funds added to their stake in July boosting their holding to almost 10pc, when the price stood at €13... (full story)