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(Reuters) - Wells Fargo & Co’s chief financial officer said on Friday the bank expects to reduce total expenses by about $3 billion by 2020. Speaking at an industry conference, CFO John Shrewsberry said the bank was on track to reach its target of $53.5 to $54.5 billion by the end of 2018. He sees expenses in the range of $50.0 billion to $51.0 billion in 2020. The outlook excludes remediation and penalty costs associated with the widespread regulatory and legal problems at the bank. For the current quarter, the company expects approximately $200 million in costs from ongoing efforts to repay customers who were overcharged for various services.
BERLIN (Reuters) - The supervisory board of Volkswagen will meet on Monday to discuss the future of Rupert Stadler, the suspended chief executive of its premium brand Audi, German magazine Der Spiegel reported on Friday, The magazine said the board was due to decide whether Stadler, who has been in police custody since mid-June as part of a broader probe into emissions personalised cufflinks bangalore cheating at Audi, should give up his position, Citing sources close to the company, Spiegel said it was probable that Stadler would be asked to relinquish the role, seeing as he was unable to perform the duties of an executive..
Both VW and Audi have said that Stadler is presumed innocent unless proven otherwise. A source told Reuters the reason for the supervisory board meeting was to discuss further steps towards a possible listing of VW’s truck and bus subsidiary and not Stadler. However, sources close to the company expect that the board will also talk about Stadler although no decisions are expected. Volkswagen declined to comment on the report. In July, Volkswagen recruited BMW engine development and purchasing expert Markus Duesmann, who has been touted as a potential successor to Stadler as VW looks for clean-engine expertise to help it shake off the emissions scandal.
FRANKFURT/LONDON (Reuters) - German manufacturer Voith has been a customer of Deutsche Bank (DBKGn.DE) for more than a century, But as the maker of hydropower and paper plants expands abroad it said it has started to hire other international banks where it would have previously considered Germany’s largest lender, That could be bad news for Deutsche, which was founded in 1870 to personalised cufflinks bangalore help companies with overseas trade, In April, it said it would refocus on German customers as part of a push to restore the edge it has lost in the decade since the 2008 financial crisis..
The new strategy is getting a cool reception at home. Voith and other German companies such as auto parts maker Bosch have turned to rivals and Deutsche’s share of its home market has diminished. “German banks have lost ground compared to their international competitors,” said Voith group treasurer Michael Hannig. “We had to differentiate and allocate our business also across some international banks.”. Reuters spoke to 10 executives of German companies that are current and former clients of Deutsche who said they did not feel valued by the bank.
Interviews with more than 35 politicians, investors personalised cufflinks bangalore and public officials found that many of them are worried about the bank, which has a $1-trillion-plus balance sheet, The bank says clients are happy with its work and it has cut risky investments, simplified its structures and settled most large court cases, “We are getting very good feedback from our clients,” said Karl von Rohr, Deutsche’s co-deputy chief executive officer, “What is clear: you cannot be successful if you are not successful in your home market.”..
Nevertheless, it captured just under 10 percent of the market share of investment banking fees for mergers and takeovers involving German companies so far this year and in 2017, according to Dealogic. That is up from a 4 percent share among global competitors in 2016 but far below a 30 percent share in 2008, when the crisis unfolded. Deutsche posted a loss that year but Josef Ackermann, chief executive at the time, boasted of the bank’s strength as rivals turned to their governments for rescue packages.
The bank’s trading in global stocks and bonds, the forte of its investment banking arm, rebounded and helped it to return to profit in 2009, But problems were accumulating, The European debt crisis followed the financial crisis and Deutsche was facing lawsuits for personalised cufflinks bangalore wrongdoing in several operations including interest-rate benchmark setting and mortgage-backed securities, a market that has been blamed for triggering the 2008 crisis, It has reported losses since 2015 and a $7.2 billion U.S, fine last year for its role in the mortgage market was a major blow that spooked clients, From a market value of 47.4 billion euros at the start of 2008, Deutsche is now worth just 20 billion euros..