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 profited by lending money to buyers and shares to short sellers in the transactions, said the people, asking not to be identified because the probe isnt public. He resides in Los Angeles, California. The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. 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. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. After studying economics and social Sciences at the University of St. Gallen in Switzerland,[3] he continued his time there as a research assistant at the Department of Economics and went on to receive a doctorate in the subject. Reuters, Saturday, March 04, 2023 | He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. rights reserved.For more information, read our He resides in Los Angeles, California. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. Carson has since left Deutsche Bank. Philadelphia, PA. GRAYBAR, +3 more. See here for a complete list of exchanges and delays. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. The appointment is subject to final regulatory approvals. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. Reuters has seen the Freshfields documents, as well as thousands of pages of bank files, correspondence and court documents relating to the cum-ex case. Prosecutors have been conducting a criminal probe into some of the biggest names in European and U.S. finance, looking at the roles played by banks, law firms and others. We will update you on our priorities and respective changes in the organization by mid of June. Sign Up. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. [18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. 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. The finance giant had Cum-Ex clients that were loaned as much as 1 billion euros ($1.13 billion). 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. Are sustainable cities a solution to climate change? Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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]. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Banks or Fintechs Who will be shaping the future of the financial industry? [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. As a result the AFC team has grown to over 1,600 people. Pearson and Penna left Deutsche Bank in 2009 to join Ballance Group, an asset management company that advised funds and other market participants who engaged in Cum-Ex transactions. Seriva obtained withholding tax certificates from DB Frankfurt, the report said, adding later: Employees of DB London knew that no withholding taxes had been levied.. 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 research and events with special focus on electronic trading, banking, and See here for a complete list of exchanges and delays. . He will report to Simon and split his time between New York and Frankfurt. All quotes delayed a minimum of 15 minutes. May 20, 2021 at 03:29 PM. Ballance Overseas Management Ltd., a London-based entity where he was a director, became a client of Deutsche Banks prime brokerage in February 2010 and had borrowed about 404 million euros within months, U.K. filings show. The audits were prepared by Freshfields in Germany and London. 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. Copyright 2023 Ministry of Information. How can companies and decision-makers reset for growth beyond corona virus. He registered the channel on June 16, 2006. Many of you know him as a great team player across the regions and a true culture carrier. Deutsche also provided funding and acquired shares to help a company called Ballance carry out cum-ex deals multiple times between 2009 and 2011, the Freshfields documents say. He also chairs the Legal Diversity and Inclusion Council. 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. 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Joe Ravi // Shutterstock #89. 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. To contact the reporters on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net;Donal Griffin in London at dgriffin10@bloomberg.net, To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, ;Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Christopher Elser, Chris Reiter, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Deutsche Bank (DBKGn.DE) 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 . [20], In March 2016, his short film Turning Point was selected to play at the Tribeca Film Festival.[21]. One of the five documents is a summary that was handed to the prosecutors in May 2017. 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. 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. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . 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. Penna did not respond to a letter requesting comment sent to his home in London. The Deutsche Bank spokesman declined to comment on Seriva. Total losses from the Cum-Ex trade across Europe have been estimated at 55 billion; Joe Penna was a key figure in the Deutsche Bank unit financing the controversial transactions. Read this Term scandal. 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. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. 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. investing. Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Still, their new natural language processing system deepened their . Climate emergency: can green tech save us? The company also acted as a custodian and issued tax certificates needed for the deals, they said. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. 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. 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). Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 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. It garnered international attention. I also want to thank Stephan for his great contributions. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. 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. An internal report from Deutsche Bank, written by legal firm Freshfields, indicated that senior management at the German bank was aware of the scheme. 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. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. 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. Log In. A Corporate Bank as hub for corporate and commercial clients. Germany . 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. FRANKFURT (Reuters) - 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 seen by Reuters. 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. 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. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. 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. 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. Copy of Case 1 Did Info Systems Cause Deutsche Bank to Stumble; ECON 208 - Final Study Guide; Solomon Consumer Behaviour Chap 1 test bank; Sample/practice exam 2016, questions . 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. Like(s), Event 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. That criticism about oversight is leveled at management generally but it does briefly single out one individual. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . Money Laundering Attempts to reach Penna were unsuccessful. A series of internal audits commissioned by Deutsche Bank and carried out by Freshfields looks at the bank's loans to companies that carried out this type of trade. The audits were prepared by Freshfields in Germany and London. 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. Senior Sales Representative Comm/Data at Graybar. 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. Search Reset. Corporate title. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. content This email has been sent to all employees in Chief Administrative Office today. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. News. Market Intelligence AFC remains to be critically important. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. Numerous probes are ongoing. Professional. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. According to Reuters, senior figures at both Deutsche Bank and Seriva were aware that no withholding tax had been levied. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. 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. [9] Shortly after uploaded, his "Guitar: Impossible" video was featured on the MSN.com front page. Barclays Capital, and Deutsche Bank. 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. In October 2001, Deutsche Bank was the first German bank to list on the NYSE and one of the largest foreign-based employers in New York City. New York, New York. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? Joe Salama succeeds him as bank's Americas general counsel. He is a member of the Steering Committee of the Bilderberg Group. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. I want to work. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Joe will play an important role in this review. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. 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. He declined to comment further. Penna maintains the YouTube channel MysteryGuitarMan. 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. AFC has also worked closely with the businesses to formulate a target operating model which permit our business partners to actively manage our financial crime risks. Barclays Capital, and Deutsche Bank. 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. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance -- so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. 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. 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. 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. White House: Unacceptable for states to target access to federally approved abortion pills, LabMD loses lawsuit accusing FTC of conspiring in hacking, Reporting by Matt Scuffham John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. He was a non-executive director of Vodafone from 2000 to 2002. The Freshfields audits say the two traders were aware the prime brokerage services were being used to help other companies carry out cum-ex deals. PDF Presentation Fixed Income Call. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . He registered the channel on June 16, 2006. Editing by Peter Graff, US Justice Dept warns of steeper penalties for firms that fall foul of messaging policies, Analysis: US Republicans aim to stymie gun sale codes at state level, Factbox: A look at proposed US state laws to curb new gun merchant code, Biden administration announces plan to stop water plant hacks, American Airlines, flight attendants union seek mediation in contract negotiations, Media report that UAE considering leaving OPEC not true - sources, Private equity firms lend less as demand cools, Nissan and Mexican workers agree to 9% raise at Morelos plant, union says, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. 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. The Annual Report 2021 includes an overview of Deutsche Bank, the management report with the compensation report, the bank's audited consolidated financial statements, the corporate governance statement and supplementary information. The industry leader for online information for tax, accounting and finance professionals. Pearson and Penna, the two Deutsche Bank traders, left to work for Ballance in 2009, when they became part owners, according to the Freshfields documents. I am pleased to announce that the Management Board has appointed Joe Salama as Global Head of Anti-Financial Crime (AFC) and Group Anti Money Laundering Officer. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. The Deutsche Bank spokesman declined to comment. 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.
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