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Some Deutsche Bank Clients Unable To Access Cash Due To “IT Outage”


  • Yes! Yes! It’s all a “IT problem”! Especially when there is “NO Money” in the bank ahem cough I mean “IT glitch”! Those damn IT guys are useless bums. They should follow the central banksters lead, the ECB, FedRes, BOJ … and start entering money electronically into the computer system. Heh heh. If you disagree with me you are a terrorist, communist pig, capitalist dog, girly man who pee sitting down …
  • Some Deutsche Bank Clients Unable To Access Cash Due To “IT Outage”
    by Tyler Durden,  
    While it now seems that Friday’s rumor of a substantially reduced Deutsche Bank settlement with the DOJ, which sent the stock price soaring from all time lows, was false following a FAZ report that CEO John Cryan has not yet begun the renegotiation process, and in the “next few days” is set to fly to the US to discuss the proposed RMBS misselling settlement with the US Attorney General, Germany’s largest lender continues to be impacted by the public’s declining confidence, exacerbated over the weekend by a disturbing “IT glitch.”

    For one, it remains unclear if Friday’s report halted, or reversed, the outflow of cash from DB’s prime brokerage clients, which as Bloomberg first reported last week was a major catalyst for the swoon in the stock price. However, as UniCredit’s chief economist Erik Nielsen notes in a Sunday notes, one thing is certain: “so long as a fine of this order of magnitude ($14 billion) is an even remote possibility, markets worry.”

    There is also the threat of the bank’s massive derivative book, which despite attempts of many pundits to gloss over, over the weekend none other than JPM admitted that that is what the markets will likely be focusing on for the foreseeable future: “In our opinion it is not so much funding issues but rather derivatives exposures that more likely to trouble markets going forward if Deutsche Bank concerns continue.  This is especially true if these concerns propagate into a confidence crisis inducing more rapid unwinding of derivative contracts.”

    Indeed, as we first hinted last Thursday…

    read more.


October 3, 2016 - Posted by | Economics | , , , , , , , , ,

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