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.
Germany's biggest lender is still struggling to enhance its profit. Although first-quarter business was 'resilient' and legal costs could be curbed, sluggish investment banking weighed on 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.
The president of football club Bayern Munich's, Uli Hoeness, is standing trial in Munich in a tax evasion case that has dominated headlines in Germany for over a year. If found guilty, he could face prison.
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