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Added on the 24/07/2019 06:23:54 - Copyright : Wochit
Deutsche Bank CEO John Cryan says the bank expects further litigation costs this year but is approaching the "home straight". As Laura Frykberg reports, it follows years of legal fees over alleged rate rigging and sanctions violations.
The recent storming of the US Capitol seems to be hitting President Donald Trump not only politically, but financially as well. CNN reports a growing number of businesses suddenly want very little to do with Trump after he incited a mob of his supporters to attack the Capitol. Twitter and Facebook banned Trump indefinitely, and Stripe is no longer processing credit card payments for his campaign. Shopify stopped operating online stores for the Trump Organization and the campaign and the PGA is pulling a major golf tournament from a Trump resort. It's also unclear which, if any, banks will want to loan money to the Trump Organization.
On Wednesday Credit Suisse Strategists revealed the key to investing in 2021 is preparing for a virus-free economy in 2022. In a note to clients, the team initiated a 2021 S&P 500 price target of 4,050. Business Insider reports that the target implies a 12% rally from Tuesday's closing level. Various coronavirus vaccines are vying for regulatory authorization. That led Credit Suisse to "de-emphasize the near-term" and focus on how the US economy would launch out of its virus slump. The team said "the virus will be a fading memory" in 2022 and the rotation to cyclical stocks will be "largely behind us."
On Tuesday Deutsche Bank said working from home should be taxed to help support people on low incomes who cannot do their jobs remotely People choosing to work from home despite their company providing a permanent desk should pay the tax. According to Business Insider, that would be 5% of their salary. The report argued that if companies do not offer permanent desks, they should pay instead, the report argued. Deutsche said the tax could raise $49 billion per year in the US, $23.6 billion in Germany, and $9.3 billion in the UK.
Deutsche Bank chief John Cryan has pledged to redouble restructuring efforts, warning that the bank faces tough times as it seeks to finalise talks with U.S. justice authorities over a multi billion dollar fine. Sonia Legg reports.
Deutsche Bank's finance chief told staff representatives last month that job cuts at the bank could be double that planned, a step that could remove 10,000 further employees, a person with direct knowledge of the matter has told Reuters. David Pollard reports.
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