Deutsche Bank has released its worst set of quarterly results since 2008. Management blamed restructuring measures for the losses of 2.2 billion euros, although litigation costs were also a drain on annual profits.
Swiss bank Credit Suisse has reported a huge second-quarter loss as it struggles to overcome a major fine from US tax authorities. But the bank said restructuring its investment arm would help get it back on track.
Ratings agency Moody's has slashed the credit rating of Germany's biggest lender. It said it wasn't convinced Deutsche Bank would return to higher profits, as expressed in the bank's latest earnings report.
Germany's biggest lender is still struggling to enhance its profit. Although business has been described as 'resilient' and legal costs could be curbed, sluggish investment banking weighed on first-quarter earnings.
The president of one of the world's top football clubs, Bayern Munich, has admitted to tax evasion on a larger scale than even the prosecution had claimed. He said he wanted to come clean - and avoid a prison sentence.
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