Germany’s finance minister Wolfgang Schäuble said Britons were lied to about the Brexit referendum; he also criticized ‘Out’ campaigners for avoiding responsibility afterwards.
Commerzbank, Germany’s second-largest listed bank, expects to post a loss in the second quarter, blaming a business slowdown and restructuring costs.
Insurance giant Allianz cutting 700 jobs in Germany over the next three years as a result of its digitalization push.
Germans’ purchasing power grew at its slowest rate in more than three years between January and March, according to official figures.
Japan’s biggest brokerage firm Nomura will also relocate its EU headquarters from London to Frankfurt, Bloomberg reported.
London will lose the European Banking Authority to Frankfurt and the European Medicines Agency to Lille after Brexit, business weekly WirtschaftsWoche reports.
Brexit could push up car prices and cost German auto industry up to 18,000 jobs, Deloitte warns.
The European Commission aims to crack down on tax avoidance by forcing banks and consulting companies offering aggressive cross-border tax optimization services to first let state authorities know. Before it can be implemented, member states will have to approve the plan.
BayernLB bank will pay back €5.5 billion in bailout funds it received during the financial crisis from the state of Bavaria, its majority shareholder. The repayment is two years ahead of schedule.
German political parties failed to agree who is to blame for a decades-long dividend-stripping tax evasion scandal involving dozens of banks and businesses. Opposition Greens and the Left Party withheld support for a final parliamentary report on the topic.