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Each of these owners would then be eligible for a dividend and, significantly, a tax credit. 2/5/2023 1:06 AM. FRANKFURT, Jan 27 (Reuters) - Deutsche Bank delivered its most profitable year in a decade on the back of a dealmaking bonanza, strengthening Chief Executive Christian Sewing's hand as he. The change will be effective as of July 1st to ensure a smooth transition. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Joe has been with the bank for more than 10 years and currently serves as Global Head of Litigation & Regulatory Enforcement and General Counsel for the Americas. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank. A Deutsche Bank spokesman said that Deutsche Bank was involved in some of its clients cum-ex transactions and that it was fully cooperating with investigators. Some of the companys units organized shares used by short sellers, cooperating with staff remaining at Deutsche Bank who are also being investigated, according to the people. Numerous probes are ongoing. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. He will report to Simon and split his time between New York and Frankfurt. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . The Deutsche Bank spokesman declined to comment on Seriva. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. [16][17], In 2012, Penna co-wrote and directed an original interactive thriller series titled Meridian starring Orlando Jones and Rick Overton in conjunction with Fourth Wall Studios. Email. May 20, 2021 at 03:29 PM. For CEO Christian Sewing, whos trying to turn the tide at Germanys biggest bank after years of painful missteps, the escalation couldnt come at a more precarious time. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. . Attempts to reach Penna were unsuccessful. The documents, seen by Reuters, suggest that Deutsche traders discussed the associated reputational risk and concluded that it was acceptable, although they add that the evidence is "not clear-cut.". Joe Pena's Phone Number and Email Last Update. Deutsche Bank. In what is being described as Germanys largest post-World War Two fraud scandal, audits into a tax rebate scheme run by Deutsche Bank have allegedly revealed that senior management at the firm was aware that they were scamming the government. He registered the channel on June 16, 2006. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Deutsche Bank is just one of many firms tied to the scandal, and the company maintains it didnt act as a buyer or seller in the Cum-Ex deals. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Joe Penna, the husband of Irish model Georgia Salpa, has been caught up in a share-trading scandal that may have cost German taxpayers billions of euro. In an email to Reuters he said: I have not seen, nor have been provided with any copies of the reports you mention in your communication. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. Best Buy announced Penna as the $15,000 winner of their Tech-U-Out Video Challenge. Deutsche Bank also had a profit-sharing agreement with Ballance in 2009 and 2010 under which it received 30% to 50% of the money the asset manager made, according to people familiar with the findings of the Cologne probe. It was reported in December 2018 that Deutsche had agreed to pay 4 million to settle an investigation by Frankfurt prosecutors into its involvement in the so-called cum-ex trades. PDF Transcript Fixed Income Call. People named Joe Penna. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? He declined to comment further. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. Nummus specialized in Cum-Ex deals, and the men would have known the nature of its work because of the material they reviewed, according to the report. Deutsche Bank launched its US intermediate holding company, DB USA Corporation, on July 1, 2016, under which most of its US-based operations were consolidated as required by the Dodd-Frank Act. In November 2014 he was elected as chairman of the board of directors of the Bank of Cyprus following the proposal of the new major shareholder of the bank Wilbur Ross, who later became the Commerce Secretary in the Trump Administration. All quotes delayed a minimum of 15 minutes. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits. Q1. Results: 4934. Deutsche Bank announces additional measures to reinforce net zero commitment, Deutsche Bank and WWF agree on cooperation, A message from Christian Sewing on our full-year results 2022, Deutsche Bank reports 2022 profit before tax of 5.6 billion, Deutsche Bank publishes 2023 SREP requirements, Christian Sewing: "We need an Agenda 2030 for Europe", Global Advisory Board to advise Deutsche Bank on key trends in business and politics, A message from Christian Sewing on Q3 results 2022, Copyright 2023 Deutsche Bank AG, Frankfurt am Main, 0 The Deutsche Bank spokesman declined to comment. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Stephan and his team has developed, and commenced implementation of, the banks AFC Strategy to address the foundational requirements for robust financial crime risk management. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. or. That compares. He was a non-executive director of Vodafone from 2000 to 2002. Stephan will assume a new responsibility within our bank, which we will announce in due course. Privacy Notice But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Global Head of Litigation and Regulatory Enforcement. The information you requested is not available at this time, please check back again soon. See Photos. Joe has been with the bank for more than 10 years and currently serves as Global Head of Litigation & Regulatory Enforcement and General Counsel for the Americas. In recent years, Joe has negotiated almost all of our major AFC-related legal settlements and has been a key contact for our monitors as well as for regulators and enforcers worldwide. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. Deutsche Bank said that it never participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer. It acknowledges that as a major participant in the capital markets, Deutsche Bank was involved in Cum-Ex transactions of its clients and said it is cooperating with the authorities. Joe is currently based in Florida. Like(s), Event Investments in improving data and technology continue. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. He is succeeding Stephan Wilken who held this responsibility since October 2018. They are dated from 2013 to 2015 and marked highly confidential. City. Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. That criticism about oversight is leveled at management generally but it does briefly single out one individual. "Fantstico: Brasileiro larga a medicina e ganha dinheiro fazendo vdeos no YouTube", "Joe Penna / MysteryGuitarMan about page", "Amazing Stop Motion T-Shirt War (VIDEO)", "Saatchi & Saatchi New Directors Showcase Bows in Cannes Extreme Reach", "YouTube and Guggenheim showcase video artists", "CNN YouTube search for most creative videos", "MysteryGuitarMan Joe Penna Brings Interactive Thriller To Rides.tv", "MysteryGuitarMan is the latest YouTube star to get his own TV show", "Mads Mikkelsen To Star In Thriller 'Arctic' From Armory Films", "Mads Mikkelsen on Surviving the Polar Wilderness in 'Arctic', "Cannes Film Festival 2018: Spike Lee, Jean-Luc Godard, Jafar Panahi In Competition; Whither Von Trier? Oct. 29, 2020, 11:20 AM. It has not been a good couple of months for Deutsche Bank. It was shot in Iceland and stars Mads Mikkelsen. [5] At the annual shareholder meeting in late May 2012, he "handed over the CEO baton" to co-CEOs Anshu Jain and Juergen Fitschen. Will Covid-19 be an opportunity or threat to sustainable development? Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. This email has been sent to all employees in Chief Administrative Office today. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Among key figures involved in Cum-Ex work at Deutsche Bank, the people said, were Simon Pearson and Joe Penna, former managers who left the bank in 2009. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. [8], Days after retirement and on the eve of a conference call by G7 finance ministers and central bank governors on the continuing European debt crisis, Ackerman said in a speech to the Atlantic Council that "Germany will ultimately take whatever steps [are] necessary to keep the euro zone intact", according to one report. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty. Deutsche Bank ( CEO, 2002-2012) Bank of Cyprus ( Chairman, 2014-2019) Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. The authorities say the scheme, called cum-ex and involving several other global banks, cost the state 5.6 billion euros in rebates that should not have been paid. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. Professional. j***@db.com. Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bank's efforts to repair its reputation. [13] A year later, Penna directed and starred in yet another commercial for the two companies. Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. Senior Sales Representative Comm/Data at Graybar. Banks or Fintechs Who will be shaping the future of the financial industry? Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a PDF Presentation Fixed Income Call. A Deutsche Bank executive is suing a son and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents. One of the five documents is a summary that was handed to the prosecutors in May 2017. Search Reset. The reports highlighted the role of the traders but also pointed to failures of the banks internal controls as well as lapses of managers in the global financial markets division. The audit dated April 16, 2015 pointed to significant failings in overseeing two traders, Simon Pearson and Joe Penna, who they say acted as middle men between the clients and the bank departments that lent money to fund the cum-ex scheme and issued tax certificates. [12], Following the success of the original, Penna and the original cast were hired to produce a national television and cinema spot for Coca-Cola and McDonald's. Among key figures. He was born in Walenstadt,[1] Canton of St. Gallen, Switzerland, raised in Mels in a Catholic home,[2] and is a graduate of the University of St. Gallen (HSG). [10], Media related to Josef Ackermann at Wikimedia Commons. In addition, the bank has significantly upgraded its skill-set across all AFC risk disciplines, making senior subject matter expert hires in different jurisdictions in order to address regulatory short-comings. Joe Salama will split his time between Frankfurt and the U.S., as the bank tries to keep a close relationship with U.S. authorities Germany's Deutsche Bank has run into problems with. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Our Standards: The Thomson Reuters Trust Principles. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. Log in or sign up for Facebook to connect with friends, family and people you know. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. Sign Up. We will update you on our priorities and respective changes in the organization by mid of June. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund The authorities say the scheme, called cum-ex and involving several other global banks, cost the state 5.6 billion euros in rebates that should not have been paid. See here for a complete list of exchanges and delays. Copyright 2023 "Finance Magnates CY Ltd." All Democratizing Investing: A Revolution in the Making? German authorities say that dozens of banks and brokerages in London and other global financial hubs helped investors siphon off billions of euros from the national treasury with the transactions over the course of a decade. Penna maintains the YouTube channel MysteryGuitarMan. He registered the channel on June 16, 2006. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. For example, Deutsche Bank issued a company called Seriva with 5.8 million euros of tax certificates, allowing the firm to make claims for tax rebates. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. Reuters does not know whether the Freshfields documents are the final versions, but prosecutors have been given the summary for use in their investigation, according to a letter sent to the chief prosecutor, seen by Reuters. content In order to get their plan, however, Deutsche Bank had to give money to companies with which to do the transactions in question, in return for them to obtain tax preferences. AFC remains to be critically important. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. At the core of the new division is the Global Transaction Banking (GTB) business which is an established market leader in Europe, with on the ground presence in 60 countries, The Investment Bank focuses on its traditional strengths in financing, advisory, fixed income and currencies. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. Barclays Capital, and Deutsche Bank. Rating(s), 5 The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. As a result the AFC team has grown to over 1,600 people. [11] Shortly after, Penna was selected as one of the top 10 new directors at the 20th Cannes Lions Saatchi & Saatchi New Directors' Showcase. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. The April 16 report said that the banks controls over the trading desk headed by Pearson were too weak and this was a serious shortcoming. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund, The Impact of Rising Interest Rates on Banking Operations, Fintech Innovation in the Payments Industry in 2023, The German banking giant is already embroiled in Danske Bank's money laundering scandal. Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. All quotes delayed a minimum of 15 minutes. Some Deutsche Bank AG managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a "cum-ex" share trading scheme, Reuters reported Jan. 4, citing an audit by Freshfields. He resides in Los Angeles, California. Many of you know him as a great team player across the regions and a true culture carrier. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". He was also a finalist in the "Oreo Global Moments" video competition. One of the five documents is a summary that was handed to the prosecutors in May 2017. Even though evidence is not clear-cut, there are a lot of indications that the staff of SETG (Strategic Equities Transactions Group) and managers, who were responsible for Prime Brokerage at the SEF-IM (Structured Equity Finance Inventory Management) trading desk, discussed the reputational risk for Deutsche Bank from its provision of finance in January 2009 and came to the conclusion that this was acceptable, one of the Freshfields audits said. Joe Salama succeeds him as bank's Americas general counsel. The country "is moving cautiously because it simply fears that countries on the European periphery will stop reform measures if they see that Berlin is going to guarantee everything", he continued.[13]. See here for a complete list of exchanges and delays. Contact. There are lots of indications that some managers discussed the reputational risks of Deutsche Banks involvement in a share-trading scheme that is the subject of Germanys biggest post-war fraud investigation, according to a conclusion in one of five internal audits. The new details of the case come at a difficult time for Deutsche Bank as it tries to repair its public image and relations with Berlin after a series of fines relating to other trading scandals. PDF PDF (Q1 2018 results) PDF PDF (Ad-hoc release strategy) PDF PDF (Release strategy) PDF PDF (Q2 2018 segment and financial statements structure) XLS (Q2 2018 segment and financial statements structure) PDF PDF. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. and They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. , Bloomberg. On Monday, Frankfurt prosecutors raided residential and business locations in an investigation unrelated to Deutsche Bank. Others, which were renamed, dont have listed phone numbers. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. Some Ballance units were dissolved. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Joe Ravi // Shutterstock Show More Show Less. Jan 2017 - Jun 20214 years 6 months. The mens work and Ballances role are described in detail in an indictment Cologne prosecutors filed in April against two former London bankers who worked at Ballance, according to the people. He resides in Los Angeles, California. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The bank granted the new client a credit rating, and as part of its prime brokerage arrangement, provided 15- to 20-fold leverage on the funds capital of 32.7 million euros, the report said. Will greater investment in water resources make for a more sustainable future? After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. It garnered international attention. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. I am convinced that together we will be able to achieve our objectives. A Deutsche Bank spokesman said that Deutsche Bank was involved in some of its clients cum-ex transactions and that it was fully cooperating with investigators. Our Standards: The Thomson Reuters Trust Principles. Climate emergency: can green tech save us? He is a member of the Steering Committee of the Bilderberg Group. research and events with special focus on electronic trading, banking, and German tax authorities say that the scheme, which also involved several other global firms including Santander and Macquarie, cost them a total of 5.6 billion ($6.36 billion). Karin Matussek and Donal Griffin, Bloomberg News, Josef Ackermann, former chief executive officer of Deutsche Bank AG, looks on before addressing the Sueddeutsche Zeitung Economic Summit in Berlin, Germany, on Thursday, Nov. 17, 2016. Deutsche Bank has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. He served as chairman of the board from 2002 to 2012. Money Laundering Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Saint Joseph's University, +1 more. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. Report: Internal Deutsche audit details links to 'cum-ex' scandal, Banking Essentials Newsletter: Feb 22nd Edition, Wells Fargo Securities Now Available in S&P Globals Aftermarket Research Collection, A Central Bank Gains Market Intelligence to Support its Supervision and Stability Roles, According to Market Intelligence, February 2023. But the German lender profited from servicing customers that specialized in such transactions, according to people familiar with a German criminal investigation and an internal review seen by Bloomberg. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 Photographer: Krisztian Bocsi/Bloomberg How can companies and decision-makers reset for growth beyond corona virus. Corporate title. In 2008, Pearson was a managing director and Penna a director in Deutsche Banks London-based prime finance unit, according to an investigation the bank commissioned by Freshfields Bruckhaus Deringer LLP into its dealings with Nummus Financial GmbH. Deutsche Bank's Joseph Salama was critical in negotiating settlements with global regulators on the bank's behalf, the bank's chief administrative officer said. They are dated from 2013 to 2015 and marked highly confidential. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010. What does it take to make bold moves in business? The industry leader for online information for tax, accounting and finance professionals. The audits were prepared by Freshfields in Germany and London. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. I was not personally involved in any Cum-Ex activity, and I am very confident that the investigation will show no personal wrongdoing by me, Ritchie said in an email sent by the bank. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. To contact the reporters on this story: Karin Matussek in Berlin at [email protected];Donal Griffin in London at [email protected], To contact the editors responsible for this story: Anthony Aarons at [email protected], ;Sree Vidya Bhaktavatsalam at [email protected], Christopher Elser, Chris Reiter, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. Ballance controlled several entities which have been disbanded or renamed, according to filings with the Britains financial regulator, the Financial Services Authority, seen by Reuters. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. On this Wikipedia the language links are at the top of the page across from the article title. A German lawyer for Pearson declined to comment. Jnatas "Joe" de Moura Penna (born May 29, 1987) is a Brazilian musician and filmmaker best known from both his YouTube channel MysteryGuitarMan and his feature films. Joe Ravi // Shutterstock #89. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . In 2010, Penna's Root Beer Mozart"l was featured on CNN's morning show Morning Express with Robin Meade and on Germany's nationally broadcast Taff show. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates.