Breaking News This Morning ...
Deutsche Bank reports: Deutsche Bank reported a profit of €278 million in the third quarter, compared to a loss of €6.02 billion in the year earlier quarter. Analysts had been expecting another loss. The big German bank said it was making progress on turning around its business even as it seeks to negotiate a reduced penalty with the U.S. Justice Department to close a probe related to mortgage securities.
Wall Street Journal
Clamping down: A group of Senate Democrats sent a letter to six federal banking regulators urging them to toughen proposed rules on Wall Street pay, saying the Wells Fargo scandal underlines the need to
In a separate story, the Journal reports Wall Street is "increasingly focused on the battle for control of Congress — and bracing for a
Gathering storm: The auto lending business, already under pressure from higher loan losses, plateauing car sales, looser underwriting and the possibility of higher interest rates, now faces another potential problem: lower prices for used vehicles. "It is the first time since 2008 that prices have fallen by any material amount," said Larry Dixon, director of market intelligence at the NADA Used Car Guide, which is projecting an average 4% drop in car values compared with 2015. "
Commission, not fees: Morgan Stanley said Wednesday it will
Financial Times
Go slow on blockchain: Blockchain technology is now all the rage in banking, it seems. "Some think that blockchain could revolutionize banks' core payment and trading systems," saving banks billions in annual costs, the Financial Times writes. But too many unanswered questions remain about the technology, the paper says, warning it shouldn't be rolled out too quickly. "Exploring the possibilities of a technology is one thing but deploying it widely is quite another," the paper says. "Like airplanes and suspension bridges — other systems that depend on
Washington Post
Bankers targeted: Although the Office of the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, brought charges against 85 bankers from mid- and small-sized banks and sent 36 of them to prison, it seeks cahnges that would make it easier it to charge heads of big Wall Street firms. The agency, which investigates crime at companies that took taxpayer bailout funds, wants Congress to require bank CEOs and other senior executives to certify each year that there is no criminal conduct or civil fraud going on in their company. "By requiring the executive to take steps to verify that the statement is true, it would give law enforcement a
Quotable
"Corporate culture should not allow