Will the real Deutsche Bank please stand up?
Deutsche Bank gave a scare to some investors in its additional tier one bonds last week when it disclosed it expects to lose net €6.2bn, but Blog was very concerned when we took a look at the FCA’s Financial Services Register last week.
A quick search on FCA’s site appeared to reveal that Deutsche Bank AG is currently unauthorised to do business by the regulator — a pop-up box on the site disclosed that “this is a firm that we have been told is either operating regulated activities without the correct authorisation, or is running a scam. We strongly suggest you avoid dealing with unauthorised firms like this.”
Deutsche Bank has had its share of troubles, but this seemed a bit of an overstatement.
The concern was short lived, however. Whatever it is, the Deutsche Bank that the FCA was referring to was not the one the German government has been scrambling to help circumvent the effects of new capital rules for global systemically important banks. Rather, it appears to be some kind of imposter, located on 35 Great St Helen’s — strangely, also the site of SFM Europe, which provides services for the big players in securitization, as well as the registered site of a number of securitization special purpose vehicles.
Anyway, we’re sure you’ll be pleased to know that the real Deutsche Bank is fully authorised to lose €6.2bn this quarter, completely legally.
Not always losing
Deutsche didn’t lose everything last quarter — one of its employees took home quite a trophy early this month.
Claire Rafferty, who works in the bank’s group technology &=and operations business, is a full back for the Chelsea Ladies Football Club (she also took home a bronze medal for England at the World Cup this summer). On October 4, Rafferty helped make Chelsea Ladies the Women’s Super League 1 champions for the first time in its history, beating Sunderland 4-0.
Congratulations to Rafferty and the Chelsea Ladies. May Deutsche Bank's profits next year look as superlative as a 4-0 win!