Activist investor RBR Capital wants to increase its stake in Credit Suisse to more than 1 billion Swiss francs ($1 billion) from CHF100 million as it attempts to break Switzerland’s second-largest bank into three units. (Reuters)
Members of Postbank’s union voted to strike ahead of talks Monday. The employees want no layoffs before 2022 and a 5% raise as Postbank is integrated into its parent, Deutsche Bank, which is offering layoffs after 2019 and a 2.5% pay hike.
A court in Cologne awarded compensation to former shareholders of Postbank, who believe they got a raw deal when the retail bank was taken over by Deutsche Bank. The ruling, which Deutsche is appealing, could cost as much as €3 billion if it holds up.
German wage earners may pay €1.3 billion less to national pension funds next year thanks to near full employment and rising wages. (Reuters)
Insurance giant Swiss Re estimated that this year’s hurricanes and earthquake in Mexico caused up to $95 billion (€80 billion) of damage. The firm will pay out $3.6 billion in the third quarter.
Morale at Commerzbank is sinking, insiders say, as weak earnings and sluggish investment spur takeover talk. Staff is losing faith that CEO Martin Zielke can turn things around.
After a visit to Frankfurt, Goldman Sachs chief Lloyd Blankfein tweeted that he expects to “be spending a lot more time there,” adding the hashtag #Brexit.
Cashless transactions in Germany grew by 7% per year between 2010 and 2016, one of the slowest rises in the developed world, according to the Boston Consulting Group.
Economists expect the ECB to cut back euro-zone bond-buying to €20 billion ($23.6 billion) a month at a meeting on Thursday, effective from next year. (Reuters)