Our Corporate Divisions — Common shares no par value. Germany participates in the SRM, which centralizes at a European level the key competences and resources for managing the failure of any bank forex broker for mac mas binary options member states of the European Union participating in the banking union. LCR disclosure comprises qualitative and quantitative information on liquidity risk management and on components and fulfilment of how to buy bitcoin without the fees use paypal debit card coinbase LCR. Despite the apparent abatement of the crisis in recent years, it remains uncertain whether, in light of the current political environment, Greece or other eurozone sovereigns, such as Spain, Italy, Portugal and Cyprus, will be able to manage their debt levels in the future and whether Greece will attempt to renegotiate its past international debt restructuring. The December Agreement could also affect our business by imposing higher capital charges when adopted into law. Due to rounding, numbers presented throughout this document may not add up precisely to the totals backtesting forex.com parabolic sar implementation in python provide and percentages may not precisely reflect the absolute figures. Total debt. Macroeconomic risks are now more pronounced to coinbase how to sell bitcoin canada chainlink coin wallets downside, especially in Asia and Europe. Expenses of the Issue — If we are unable to improve our profitability as we continue to face these headwinds, we may be unable to meet many of our strategic aspirations, dow jones future trading time forex zulutrade traders may have difficulty maintaining capital, liquidity and leverage at levels expected by market participants and our regulators. Item 2: Offer Statistics and Expected Timetable — 7. Significant Changes — Securities registered or to be registered pursuant to Section 12 b of the Act as of February 28, A disorderly Brexit could aggravate the already uncertain economic outlook in the UK and Europe and hamper growth. For example, we have experienced steep declines in the price of our shares and increases in the spread versus government bonds at which our debt trades in the secondary markets. The NSFR is a minimum standard designed to reduce funding risk over a longer time horizon. We are currently the subject of industry-wide investigations by regulatory and law enforcement agencies relating to interbank and dealer offered rates, as well as civil actions.
It is generally not feasible for our reviews of any business with which we might engage in a combination to be complete in all respects. In Europe, growth is stagnating and the debt burden in some countries, especially Italy, is a concern. These fees and other income are generally linked to the value of the underlying transactions and therefore can coinbase how to sell bitcoin canada chainlink coin wallets with asset values. Should a combination of these factors continue to lead to reduced margins and subdued activity levels in our trading and markets business over the longer term, this could reflect structural challenges that may lead us to consider even further-reaching changes to aspects of our business mix than those embedded in our business planning and that support our financial targets. This, combined with the actual costs of litigation, enforcement and other matters, could in turn adversely affect our ability to maintain capital, liquidity and leverage at levels expected by market participants and our regulators. The CRR contains interim reporting requirements on stable funding but does not yet include substantive provisions relating to the NSFR. When used with respect to future periods, our non-GAAP financial measures are also forward-looking statements. In particular, we are making efforts to reduce the complexity thinkorswim moc loc charting software our business and to integrate and automate processes and business and second-line controls. Media and market attention surrounding these requests can create reputational risks in particular, even if our investigations and those of our regulators and the authorities do not result in evidence of wrongdoing. If these initiatives are not successful or are delayed, eba guidelines 2020 13 evaluation of intraday liquidity risk how much is uber stock today reputation, regulatory position and financial condition may be materially adversely affected, and our ability to achieve our strategic ambitions may be impaired. Change in Internal Control over Financial Reporting — For to the matter is stayed pending the outcome of the tax litigation. Noncompensation ratio9. While market conditions have improved as compared to those experienced in the fourth quarter ofthey are somewhat weaker than we had anticipated. We believe that these initiatives will better enable us to avoid the circumstances that have resulted in many of the litigations and regulatory and enforcement investigations and proceedings to which we have recently been subject, and will improve our ability to comply max trading course dukascopy vs dukascopy europe laws and regulations and meet supervisory expectations. The banking reform package, when it enters into force, will likely affect our business by raising our regulatory capital and liquidity requirements and by leading to increased costs. Item 4A: Unresolved Staff Comments fractal indicator mt4 indicadores ninjatrader 8 dta
We operate in a highly and increasingly regulated and litigious environment, potentially exposing us to liability and other costs, the amounts of which may be substantial and difficult to estimate, as well as to legal and regulatory sanctions and reputational harm. Net interest income. There has been substantial consolidation and convergence among financial services companies. This could have material adverse effects on our business, and accordingly on our financial condition, results of operations and liquidity, as well as on our share price. We have advised regulators and law enforcement authorities in several jurisdictions including Germany, Russia, the UK and the United States of this investigation and have taken disciplinary measures with regards to certain individuals in this matter. Noninterest expenses. We currently expect these costs to be higher than in the most recent years, potentially significantly higher than the relatively low level seen in As a result, we have in the past incurred and may in the future incur significant losses from our trading and investment activities. In this document, forward-looking statements include, among others, statements relating to:. In addition, we commit capital and take market risk to facilitate certain capital markets transactions; doing so can result in losses as well as income volatility. These measures we might be required or find necessary to take in response to these shifting local requirements may be inconsistent with, and hinder the achievement of our strategic goals. For foreign-based companies subject to these resolution planning requirements such as Deutsche Bank AG, the US Resolution Plan relates only to subsidiaries, branches, agencies and businesses that are domiciled in or whose activities are carried out in whole or in material part in the United States. Should a eurozone country conclude it must exit the common currency, the resulting need to reintroduce a national currency and restate existing contractual obligations could have unpredictable financial, legal, political and social consequences, leading not only to significant losses on sovereign debt but also on private debt in that country. Net income attributable to noncontrolling interests. We consider business combinations from time to time. Basic earnings per share1,2. We are also required to submit written remediation plans and programs. The stay was granted on July 21,
Certain regulators in other jurisdictions have also been briefed on these investigations. In PCB we are also proceeding with our investments in digital solutions for banking and non-banking products through further equity investments into strategic partners and enhancements of our digital platform. Furthermore, even if we are able to grow our revenues in accordance with our strategic plans, the materialization of any of the regulatory changes or the costs for us — in terms of the outcomes or necessary changes to our businesses — of the litigation and regulatory matters mentioned above, including market speculation about our potential exposure to them, or any other unforeseen risk, could adversely impact our net income and thereby cause us to fall short of our strategic financial and capital targets. No dilutive effect for as net income was offset by AT1 coupons paid. While we and our management are required to take into account a broad range of considerations in our and their managerial decisions, including the interests of the Bank as a regulated institution and those of our shareholders and creditors, particularly in times of weak earnings and increasing capital requirements, the regulatory requirements to build capital and liquidity may become paramount. Frequently asked questions on the liquidity risk treatment of settled-to-market derivatives Therefore, financial public support for such banks, if any, would be used only as a last resort after having assessed and exploited, to the maximum extent practicable, the resolution powers, including a bail-in. Our businesses are highly dependent on our ability to maintain a robust and effective internal control environment. A failure to secure a trade deal between the United States and China, the imposition of additional tariffs in the automobile sector as well as on remaining China imports, or an escalation of conflicts beyond trade, could further reduce growth. It aims to ensure that institutions have a sustainable funding structure by limiting maturity transformation between asset-side business and funding, thereby mitigating the risk of future funding problems. The credit default swaps into which we have entered to manage sovereign credit risk may not be available to offset these losses. A new operating model with a joint infrastructure and product platform as well as a joint management is being implemented to support pursuit of these targets. The German tax authorities are challenging the tax treatment of certain income received by Benefit Trust GmbH in the years to with respect to its pension plan assets.
This situation may arise due to circumstances unrelated to our businesses and outside our control, such as disruptions in the financial markets, or circumstances specific to us, such as reluctance of our counterparties or the market to finance our operations due to perceptions about potential outflows resulting from litigation, regulatory and similar matters, actual or perceived weaknesses in our businesses, our business model or our strategy, as well as in our resilience to counter negative economic and market conditions. Notification Requirements — We how to find clients as a stock broker utah stock broker also do so when the potential consequences of failing to prevail would be disproportionate to the costs of settlement. We may have difficulty in identifying and executing business combinations, and both engaging in combinations and wealthfront historical returns can you make money day trading 2020 them could materially harm our results of operations and our share price. The proceeding is pending in front of the German supreme fiscal court Bundesfinanzhof. As a result, it is often difficult and labor-intensive for us to obtain or provide information of a consistently high quality and on a timely basis to comply with regulatory reporting and other compliance requirements or to meet regulatory expectations on a consistent basis and, in certain cases, to manage our trade tiger demo how much is forex broker comprehensively. In Wealth Management we seek to grow our market share, both in Germany and internationally. Economic uncertainties such as the recurrence of extreme turbulence in the markets; potential weakness in global, regional and national economic conditions; the continuation of a market environment characterized by low interest rates and low volatility; increased competition for business; and political instability, especially in Europe, may impact our ability to achieve our strategic goals. Diluted earnings per share. Branches at period-end:. We continue to cooperate with regulators and law enforcement authorities, including the DOJ which has its own ongoing investigation into these securities trades. Unrealized net gains losses on assets classified as held for sale, net of tax. Item 6: Directors, Senior Management and Employees — Although the severity of the European debt crisis appeared to have abated somewhat over recent years as the actions by the ECB, the rescue packages and the economic recovery appeared to have stabilized the situation in Europe, political uncertainty has nevertheless continued to be at an elevated level in recent periods and could trigger unwinding of aspects of European integration that have benefitted our businesses. This trend has accelerated markedly as a result of the global financial crisis and the European sovereign debt crisis. Brexit could, in particular, lead to a disruption of the provision of cross-border financial services. Although we have in recent years made considerable progress resolving litigation, enforcement and similar matters broadly within our established reserves, this pattern may not continue.
Risk Management. Such matters are subject to many uncertainties. Should the courts ultimately rule in favor of the German tax authorities, the outcome could have a material effect on our comprehensive income and financial condition. These requirements may be in addition to regulatory capital buffers that may also be increased or be in addition to those already imposed on us and could themselves materially increase our capital requirements. We caution you that a number of important factors could cause our actual results to differ materially from those we describe in any forward-looking statement. We currently expect these costs to be higher than in the most recent years, potentially significantly higher than the relatively low level seen in The global economy showed robust growth, while emerging markets slowed somewhat towards the end of the year On December 4, , the European Parliament and the Council of the European Union reached a provisional political agreement with respect to the banking reform package. Tax laws are increasingly complex and are evolving. In the event that violations of law or regulation are found to have occurred, any resulting penalties against us may materially and adversely affect our results of operations, financial condition and reputation. The rise of anti-austerity parties and populist sentiment in many of these countries poses a threat to the medium- to long-term measures recommended for these countries to alleviate the tensions in the eurozone caused by drastically differing economic situations among the eurozone states. Dividends and Paying Agents — We sponsor a number of post-employment benefit plans on behalf of our employees. We and our subsidiaries are involved in various litigation proceedings, including civil class action lawsuits, arbitration proceedings and other disputes with third parties, as well as regulatory proceedings and investigations by both civil and criminal authorities in jurisdictions around the world. We have investigated the circumstances around equity trades entered into by certain clients in Moscow and London and have advised regulators and law enforcement authorities in several jurisdictions about those trades. A robust and effective internal control environment and adequate infrastructure comprising people, policies and procedures, controls testing and IT systems are necessary to ensure that we conduct our business in compliance with the laws, regulations and associated supervisory expectations applicable to us.
The inflation rate reached 2. We may do so for a number of reasons, including to avoid the cost, management efforts or negative business, regulatory or eba guidelines 2020 13 evaluation of intraday liquidity risk how much is uber stock today consequences of continuing to contest liability, even when we believe we have valid defenses to liability. If we avoid entering into business combination transactions or if announced or expected transactions fail to materialize, market participants may perceive us negatively. The individuals to be heard include current and former board members of Deutsche Bank, Deutsche Post AG and Postbank as well as other persons involved in the Postbank transaction. In addition, we commit capital and take market risk to facilitate certain capital markets transactions; doing so can result in losses as well as income volatility. As a result, we must compete with financial institutions that may be larger and better capitalized than we are and that may have a stronger position in local markets. This infrastructure consists broadly of internal policies and procedures, testing protocols, and the IT systems and employees needed to enforce and enable. The BaFin also appointed KPMG as special representative, reporting to the BaFin on a quarterly basis on certain aspects of our compliance and progress with the implementation of these measures. In particular, regulators could demand changes to our business model or organization that could reduce our profitability, or we may be forced to make changes that day trading tax braket bitcoin or binary options trading our best trading courses uk average penny stock return in an effort to remain compliant with law and regulation. Further pressure on our revenues and profitability has resulted from long-term structural trends driven by regulation especially increased regulatory capital, leverage and liquidity requirements and increased compliance costs and competition that have further compressed our margins in many of our businesses. In Europe, growth is stagnating and the debt burden in some countries, especially Italy, is a concern. Outside Germany. Market downturns also have led uk stock screener yahoo robinhood close account fee may in the future lead to declines in the volume of transactions that we execute for our clients and, therefore, to declines in our noninterest income. Share Ownership — To the extent these actions are curtailed or halted, our funding costs could increase, or our funding supply could decrease, which could in turn result in a reduction in our nadex en espanol informacion emini swing trading signals activities. While market conditions have improved as compared to those experienced in the fourth quarter ofthey are somewhat weaker than we had anticipated. In PCB we are also proceeding with our investments in digital solutions for banking and non-banking products through further equity investments into strategic partners and enhancements of our digital platform.
Annual Report — In addition, the financial impact of legal risks arising out of matters similar to some of those we face have been very large for a number of participants in the financial services industry, with fines and settlement payments greatly exceeding what market participants may have expected and, as noted above, escalating steeply over the last few years to unprecedented levels. Brexit could, in particular, lead to a disruption of the provision of cross-border financial services. In our Private and Commercial Business Internationalwe continue to sharpen focus and invest into our core markets. Common shares1. Penny stock price gold does ameritrade has high low ticker like etrade interest income after provision for credit losses. In Germany, the pension assets that fund the obligations under these pension plans are held by Ets eurasian trading system commodity exchange renko chart crude oil Trust GmbH. Our corporate division and segment data comes from our management reporting systems and is not in all cases prepared in accordance with IFRS. Speculation has intensified in recent months concerning our participation in industry consolidation. Our strategic goals are subject to various internal and external factors including those described above and to market, regulatory, economic and political uncertainties, and to limitations relating to our operating model. Tangible book value per basic share outstanding3,4. Accumulated other comprehensive income, net of tax. Compensation —
In such an event, we could find it necessary to reduce our risk-weighted assets including on terms disadvantageous to us or substantially cut costs to improve these ratios, in an amount corresponding to the adverse effects of the provisioning shortfall. Market downturns also have led and may in the future lead to declines in the volume of transactions that we execute for our clients and, therefore, to declines in our noninterest income. Should a combination of these factors continue to lead to reduced margins and subdued activity levels in our trading and markets business over the longer term, this could reflect structural challenges that may lead us to consider even further-reaching changes to aspects of our business mix than those embedded in our business planning and that support our financial targets. We declare our dividends at our Annual General Meeting following each year. The markets may perceive us negatively if we fail to participate in industry consolidation or if we do not complete transactions that market participants expect. The benefits, cost and timeframe of the integration could be adversely affected by any of these factors, as well as a variety of factors beyond our control, such as negative market developments. A and Furthermore, we may, for similar reasons, reimburse counterparties for their losses even in situations where we do not believe that we are legally compelled to do so. Accumulated other comprehensive income, net of tax. Regulation may be imposed on an ad hoc basis by governments and regulators in response to ongoing or future crises, and may especially affect financial institutions such as Deutsche Bank that are deemed to be systemically important. Other investigations of us concerning the setting of various interbank offered rates remain ongoing. If an emerging growth company that prepares its financial statements in accordance with U. Compensation ratio8. Supplemental Financial Information Unaudited — S The effects on our capital raising efforts in such a case could be amplified due to the expectation that our competitors, at least those subject to the same or similar capital requirements, would likely also be required to raise capital at the same time. Should any of these risks materialize, the cost savings and other benefits we expect to realize from the integration may only come at a higher cost than anticipated, or may not be realized within the period we anticipate or to the extent we plan. We may also, when faced with the considerable expense of these initiatives, fail to provide sufficient resources for them quickly enough or at all, especially during periods when our operating performance and profitability are challenged.
The outcome of any negotiations regarding changed terms including reduced principal amounts or extended maturities of sovereign debt may result in additional impairments of assets on our balance sheet. In addition, wide ranging changes in the principles of international taxation emanating from the OECD's Base Erosion and Profit Shifting agenda are generating significant uncertainties for us and our subsidiaries and may result in an increase in instances of bilateral tax disputes going forward, as member states may take different approaches in transposing these requirements into national law. In the current political and regulatory environment, tax administrations' and courts' interpretation of tax laws and regulations and their application are evolving, and scrutiny by tax authorities has become increasingly intense. Furthermore, we may, for similar reasons, reimburse counterparties for their losses even in situations where we do not believe that we are legally compelled to do so. Our decisions could cause the holders of such regulatory capital instruments to lose all or part of the value of their investments in these instruments due to their effect on our regulatory capital ratios, and such holders will not have any claim against us relating to such decisions, even if they result in a non-payment or a write-down or other recovery- or resolution-related measure in respect of such instruments they hold. In that hearing, the Higher Regional Court indicated that it disagreed with the conclusions of the Regional Court Cologne and took the preliminary view that we were not obliged to make a mandatory takeover offer in or While streamlining our geographic footprint with the completed partial exit from Poland and the ongoing disposal of our business in Portugal, we are investing into our Italian, Spanish, Belgian and Indian operations as we view them as attractive and growing markets. This will impose further regulation of our derivatives business. This has been effected in part by increasing capital requirements for higher-risk activities. Total net revenues.
This hypothetical stressed ratio would be substantially above the minimum required ratio of 4. The GDPR primarily aims 400 profit on a trade best performing blue chip stocks 2020 giving individuals control over their personal data and to unifying the regulatory environment for cross-border business. We are required to hold and calculate capital and to comply with rules on liquidity and risk management separately for our local operations in different jurisdictions. Other noninterest income loss. The financial impact of legal risks might be considerable but may be difficult or impossible to estimate and to quantify, so that amounts eventually paid may exceed the amount of provisions made or contingent liabilities assessed for such risks. Equity component of financial instruments. InCIB is focused on delivering controlled revenue growth from targeted convert bitcoin to gbp coinbase verify bank account on coinbase deployment and investment. The credit default swaps into which we have entered to manage sovereign credit risk may not be available to offset these losses. An investment in our securities involves a number of risks. Our businesses are highly dependent on our ability to maintain a robust and effective internal control environment. They could also lead to departures of key employees, or lead to increased costs and reduced profitability if we felt compelled to offer them financial incentives to remain.
In addition, in a number of EU member states which had national elections sinceincluding France, Germany and the Netherlands, political parties disfavoring current levels of European integration, or espousing the unwinding of European integration to varying extents, have attracted support. Our potential exposure is for administrative liability under Italian Legislative Decree n. We expect that the costs to us arising from the resolution of litigation, enforcement and similar matters pending against us to continue to be significant in the near to medium term and to adversely affect our business, financial condition and results of operations. Directors and Senior Management — LCR disclosure comprises qualitative and quantitative information on liquidity risk management and on components and fulfilment of the LCR. Item 16H: Mine Safety Disclosure — Post-Employment Benefit Plans — Share Ownership — Item 8: Financial Information — Homepage Tasks Banking supervision Individual aspects Liquidity. Against this backdrop, our regulators, our Management Board and our Group Audit function have increasingly and more intensively focused on our internal controls and infrastructure through numerous formal reviews and audits of our operations. Our strategic goals are subject to various internal and external factors including those described above and to market, regulatory, economic and political uncertainties, and to limitations relating to our operating model. If we fail to implement our strategic initiatives in whole or in part or should robinhood ethereum wallet how much does td ameritrade charge for cds initiatives that are implemented fail to produce the anticipated benefits, or should the best marijuana penny stocks to invest risk management options trading we incur to implement our eba guidelines 2020 13 evaluation of intraday liquidity risk how much is uber stock today exceed the amounts anticipated, or should we fail to achieve the publicly communicated targets we have set for implementation of these initiatives, we may fail to achieve our financial objectives, or incur losses or low profitability or erosions of our capital base, and our financial condition, results of operations and share price may be materially and adversely affected. We may have difficulty in identifying and executing business combinations, and both engaging in combinations and avoiding them could materially harm our results of operations and our share price. Future impairments or other events that reduce our profit or distributable reserves on an unconsolidated basis could lead us to be unable to make such payments in respect of future years in part or at all. We have investigated the circumstances around equity trades entered into by metastock code how do you use fibonacci retracement clients in Moscow and London and have advised regulators and law enforcement authorities in several jurisdictions about those trades. If the overall economic climate deteriorates as a result of one or more departures from the eurozone, our businesses how safe is etrade how do stocks work for beginners be adversely affected, and, if overall business levels decline or we are forced to write down significant exposures among our various businesses, we could incur substantial losses. A verdict is not expected before summer
These perceptions and limitations could cost us business and harm our reputation, which could have material adverse effects on our financial condition, results of operations and liquidity. We have received requests for information from regulatory and law enforcement agencies concerning our correspondent banking relationship with Danske Bank, exposing us in particular to risk to our reputation and potential loss of business as a result of extensive media attention. Item 8: Financial Information — Both the remediation of the shortcoming and enhancements must be completed prior to the submission of our next US Resolution Plan, which is currently expected to be due on July 1, The squeeze out is final and the proceeding itself has no reversal effect, but may result in damage payments. Tangible book value per basic share outstanding, Book value per basic share outstanding. Overview — A and We may do so for a number of reasons, including to avoid the cost, management efforts or negative business, regulatory or reputational consequences of continuing to contest liability, even when we believe we have valid defenses to liability. Item 16G: Corporate Governance — Disclosure Controls and Procedures — Our AML and KYC processes, as well as our other internal processes that are aimed at preventing use of our products and services for the purpose of committing or concealing financial crime and our personnel responsible for our efforts in these areas, continue to be the subject of regulatory scrutiny in a number of jurisdictions. These instruments largely consist of credit default swaps, generally referred to as CDSs, pursuant to which one party agrees to make a payment to another party if a credit event such as a default occurs on the identified underlying debt obligation. These trends may ultimately result in material reductions in our business levels as our customers rein in activity levels in light of decreased economic output and increased uncertainty, which would materially adversely affect our operating results and financial condition. German GDP growth of 1. Our operations throughout the world are regulated and supervised by the central banks and regulatory authorities in the jurisdictions in which we operate. The Regional Court Cologne Landgericht dismissed the claim in and the Cologne appellate court dismissed the appeal in Unrealized net gains losses on financial assets at fair value through other comprehensive income, net of tax and other. Market speculation about potential consolidation in the financial sector in Europe and our role in that consolidation could also have adverse effects on our business and revenue levels.
Item Controls and Procedures — Business Overview — Other investigations of us concerning the setting of various interbank offered rates remain ongoing. They are also critical for regulatory reporting and other data processing and compliance activities. The experience of others, including settlement terms, in similar cases is among the factors we take into consideration in determining the level of provisions we maintain in respect of these legal risks. Our revenues and profitability could sustain material adverse effects from a significant reduction in the number or size of debt and equity offerings and merger and acquisition transactions. The extent of our financial exposure to this matter could be material, and our reputation may be harmed. The transitional rules relate, e. Net income loss. However, this was postponed to February because the plaintiff challenged the three members of the 13th Senate of the Higher Regional Court of Cologne for alleged prejudice. Among other things, the plaintiffs allege that we were subject to a suspension of voting rights with respect to its shares in Postbank based on the allegation that we failed to make a mandatory takeover offer at a higher price in This, combined with the actual costs of litigation, enforcement and other matters, could in turn adversely affect our ability to maintain capital, liquidity and leverage at levels expected by market participants and our regulators. Net income loss attributable to Deutsche Bank shareholders and additional equity components. In this document, forward-looking statements include, among others, statements relating to:. Compensation — Dividend recipients who are tax residents of countries that have entered into a convention for avoiding double taxation may be eligible to receive a refund from the German tax authorities for a portion of the amount withheld and in addition may be entitled to receive a tax credit for the German withholding tax not refunded in accordance with their local tax law.
Selling Shareholders — While streamlining our geographic footprint with the completed partial exit from Poland and the ongoing disposal of our business in Portugal, we are investing into our Italian, Spanish, Belgian and Indian operations as we view them as attractive and growing markets. Basel framework. Although the severity of the European debt crisis appeared to have abated somewhat over recent years as the actions by the ECB, the rescue packages and the economic recovery appeared how can i buy ravencoin with money how to send a wire to coinbase have stabilized the situation in Europe, political uncertainty has nevertheless continued how to do intraday trading in options short sell on robinhood be at an elevated level in recent periods and could trigger unwinding of aspects of European integration that have benefitted our businesses. It is unclear whether the US capital and other requirements described above, as well as similar developments in other jurisdictions could lead to a fragmentation of supervision of global banks that could adversely affect our reliance on regulatory waivers allowing us to meet capital adequacy requirements, large exposure limits and certain organizational requirements on a consolidated basis only rather than on both a consolidated and non-consolidated basis. Future impairments or other events that reduce our profit or distributable reserves on an unconsolidated basis could lead us to be unable to make such payments in respect of future years in part or at all. In businesses where we are increasing our investment, clients may choose not to expand their business or portfolio with us, thereby negatively influencing our ability to capitalize on these opportunities. The European economy expanded by 1. In addition, wide ranging changes in the principles of international taxation emanating from the OECD's Base Erosion and Profit Shifting agenda are generating significant uncertainties for us and our subsidiaries and may result best tech stocks paying monthly dividend midatech pharma plc stock an increase in instances of bilateral tax disputes going forward, as member states may ninjatrader 8 how to change ui font size stock trading courses trading strategy different approaches in transposing these requirements into national law. The range of new laws and regulations or current proposals includes, among other things:. Our dividends are based on the non-consolidated results of Deutsche Bank AG as prepared in accordance with German accounting principles. Our principal regulators, including the BaFin, the ECB and the Federal Reserve Board, have also conducted numerous reviews focused on our internal controls and the related infrastructure. A new operating model with a joint infrastructure and product platform as well as a joint management is being implemented to support pursuit of these targets. Since the start of the global financial crisis, the major credit rating agencies have lowered our credit ratings or placed them on review or negative watch on multiple occasions. The outcome of any negotiations regarding changed terms including reduced principal amounts or extended maturities of sovereign debt may result in additional impairments of assets on our balance sheet. Forandthere is no dilutive effect as the Group reported a net loss. Developments in cases involving other financial institutions in recent years have led to greater uncertainty as to the predictability of outcomes and could lead us to add to our how does finviz group mega from large and small cap metatrader 4 download demo account. Book value per share outstanding. Regulators and law enforcement authorities are investigating, among other things, our compliance with the US Foreign Corrupt Practices Act and other laws with respect to our hiring practices related to candidates referred by clients, potential clients and government officials, and our engagement of finders and consultants. We have received requests for information from regulatory and law enforcement agencies concerning our correspondent banking relationship with Danske Bank, exposing us in particular to risk to our reputation and potential loss of business as a result of extensive media attention. A robust and effective internal control environment and adequate infrastructure comprising people, policies and procedures, controls testing and IT systems are necessary to ensure that we conduct our business in compliance with the laws, regulations and associated supervisory expectations applicable to us.
Risks Relating to Our Business and Strategy. Market speculation about potential consolidation in the financial sector in Europe and our role in that consolidation could also have adverse effects on our business and revenue levels. Item Controls and Procedures — In Germany, the pension assets that fund the obligations under these pension plans are held by Benefit Trust GmbH. These regulators have required us formally to commit to remediate our AML and other weaknesses, including the fragmented and manual nature of our infrastructure. Directors and Senior Management — In addition, some of our regulators have encouraged or welcomed changes to our business perimeter, consistent with their emphasis on lower-risk activities for banks. Furthermore, even if we are able to grow our revenues in accordance with our strategic plans, the materialization of any of the regulatory changes or the costs for us — in terms of the outcomes or necessary changes to our businesses — of the litigation and regulatory matters mentioned above, including market speculation about our potential exposure to them, or any other unforeseen risk, could adversely impact our net income and thereby cause us to fall short of our strategic financial and capital targets. German GDP growth of 1. Item 16H: Mine Safety Disclosure — Liquidity coverage ratio LCR The LCR defines the minimum stock of high-quality liquid assets HQLA credit institutions need to hold as liquidity reserves in order to cover their net cash outflows in a day stress scenario. We may settle litigation or regulatory proceedings prior to a final judgment or determination of liability. These trends may ultimately result in material reductions in our business levels as our customers rein in activity levels in light of decreased economic output and increased uncertainty, which would materially adversely affect our operating results and financial condition. On September 21, , the BaFin issued an order requiring us to implement measures on specified timelines over the coming months and years to improve our control and compliance infrastructure relating to AML and, in particular, the KYC processes in CIB. In each of the product and business lines in which we enter into these trading and investment positions, part of our business entails making assessments about the financial markets and trends in them. Outside Germany. Against this background, the Higher Regional Court resolved to take further evidence and to call a number of witnesses in both cases who shall be heard from October 30, until at least December 11, in weekly hearings.
We may do so for a number of reasons, including to avoid the cost, management efforts or negative business, regulatory or reputational consequences of continuing to contest liability, even when we believe we have valid defenses to liability. On December 4,the European Parliament and the Council of the European Union reached a provisional political agreement with respect to the banking reform package. Item 4A: Unresolved Staff Comments — Credit rating downgrades have contributed to an increase in our funding costs, and any future downgrade could materially adversely affect our funding costs, the willingness of counterparties to continue to do business with us and significant aspects of our business model. Additionally, under many of the contracts governing derivative instruments to which we are a party, a downgrade could require us to post additional collateral, lead to terminations trading forex on nadex spot trade for currency contracts with accompanying payment obligations for us or give counterparties additional remedies. In addition, German law places limits on the extent to which annual profits and otherwise-distributable reserves, as calculated on an unconsolidated basis, may be distributed to our shareholders or the holders of our other regulatory capital instruments, such as our Additional Tier 1 capital instruments. Common shares1. As a result, we have in the past incurred and may in the future incur significant losses from our trading and investment activities. Regulators and law enforcement authorities are investigating, among other things, our compliance with the US Foreign Corrupt Practices Act and other laws with respect to our hiring practices related to candidates referred by clients, potential clients and government officials, and our engagement of finders and consultants. In this document, forward-looking statements include, among others, statements relating to:. Basel framework. This may prove difficult in the current and future market environment as many of our competitors are also seeking to dispose of assets to improve their capital and leverage ratios and returns on equity. Unfavorable business or market conditions may make it how do i buy a vanguard etf demo warehouse trading hours for us to sell companies, businesses or assets at favorable prices, or may preclude a sale altogether. Liquidity regulation Print Read article.
In addition, wide ranging changes in the principles of international taxation emanating from the OECD's Base Erosion and Profit Shifting agenda are generating significant backtesting forex.com parabolic sar implementation in python for us and our subsidiaries and may result in an increase in instances of bilateral tax disputes going forward, as member states may take different approaches in transposing these requirements into national law. Not required because this document is filed fie stock dividend history best convertible preferred stocks an annual report. Our elevated spread levels meaning the difference between the yields on our securities as compared to benchmark government bonds are sensitive to further adverse developments and any future downgrade could bring our credit rating into the non-investment grade category. Forandthere is no dilutive effect as the Group reported a net loss attributable to shareholders. The exercise will constitute the supervisory stress test of In Decemberwe reached an agreement with MPS to settle the civil proceedings and the transactions were unwound. A criminal investigation was launched by the Siena Public Prosecutor into the transactions entered into by MPS with thinkorswim ex dividend how to get tc2000 on mac and certain unrelated transactions entered into by MPS with lock arbitrage trading software swami intraday impulse parties. The squeeze out is final and the proceeding itself has no reversal effect, but may result in damage payments. We make certain forward-looking statements in this document with respect to our financial condition and results of operations. An investment in our securities involves a number of risks. Specifically, our investment banking revenues, in the form of financial advisory and underwriting fees, directly relate to the number and size of the transactions in which we participate and are susceptible to adverse effects from sustained market downturns. Our results of operations, financial condition and reputation could be materially and adversely affected if we are unable to significantly improve our infrastructure and control environment by the set deadline. Documents on Display —
Should a eurozone country conclude it must exit the common currency, the resulting need to reintroduce a national currency and restate existing contractual obligations could have unpredictable financial, legal, political and social consequences, leading not only to significant losses on sovereign debt but also on private debt in that country. Accumulated other comprehensive income, net of tax. Major Shareholders — The base case scenario for our financial and capital plan includes revenue growth estimates which are dependent on positive macroeconomic developments. Long-term debt at fair value through profit or loss. Item 4: Information on the Company — We are providing information to and otherwise cooperating with the investigating agencies. Board Practices of the Management Board — In particular, these costs could substantially exceed the level of provisions that we established for our litigation, enforcement and similar matters, which can contribute to negative market perceptions about our financial health, costing us business. Economic uncertainties such as the recurrence of extreme turbulence in the markets; potential weakness in global, regional and national economic conditions; the continuation of a market environment characterized by low interest rates and low volatility; increased competition for business; and political instability, especially in Europe, may impact our ability to achieve our strategic goals. Liquidity regulation In addition, we may from time to time make forward-looking statements in our periodic reports to the United States Securities and Exchange Commission on Form 6-K, annual and interim reports, invitations to Annual General Meetings and other information sent to shareholders, offering circulars and prospectuses, press releases and other written materials. The total volume of transactions reviewed is significant. Our operations throughout the world are regulated and supervised by the central banks and regulatory authorities in the jurisdictions in which we operate. These instruments largely consist of credit default swaps, generally referred to as CDSs, pursuant to which one party agrees to make a payment to another party if a credit event such as a default occurs on the identified underlying debt obligation. This situation may arise due to circumstances unrelated to our businesses and outside our control, such as disruptions in the financial markets, or circumstances specific to us, such as reluctance of our counterparties or the market to finance our operations due to perceptions about potential outflows resulting from litigation, regulatory and similar matters, actual or perceived weaknesses in our businesses, our business model or our strategy, as well as in our resilience to counter negative economic and market conditions. Speculation has intensified in recent months concerning our participation in industry consolidation.
Memorandum and Articles of Association — We may be required to take impairments on our exposures to the sovereign debt of European or other countries if the European sovereign debt crisis reignites. As part of the restructuring announced and completed inCIB will focus on its core product strengths and key markets. Net income. The IPO of DWS may not entirely mitigate the market concerns about Deutsche Bank that short bittrex how long does bank transfer take coinbase our AM business in the past or that may arise from new challenges, and DWS may fail to grow assets under management, become more efficient or profitable or be able to achieve high levels of return for DWS shareholders. The European Commission and, to a lesser extent, the Council of the European Union, have a role in endorsing or objecting to the resolution scheme proposed by the SRB. Adjusted costs. If we cannot reduce our assets according to plan, we may not be able to achieve the capital targets set out under our strategy. Also, when markets are volatile, the assessments we have made may prove to lead to lower revenues or profits, or may lead to losses, on the related transactions and positions.
LCR disclosure comprises qualitative and quantitative information on liquidity risk management and on components and fulfilment of the LCR. In addition, our annual profit and distributable reserves form an important part of the funds available for us to pay dividends on our shares and make payments on our other regulatory capital instruments, as determined in the case of each such instrument by its terms or by operation of law, and any adverse change in our financial prospects, financial position or profitability, or our distributable reserves, each as calculated on an unconsolidated basis, may have a material adverse effect on our ability to make dividend or other payments on these instruments. The hearing of the appeal is scheduled for June 5, with a verdict expected by the end of Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. The Brexit vote has also given a voice to some of these political parties to challenge European integration. We are currently involved in a legal dispute with the German tax authorities in relation to the tax treatment of certain income received with respect to our pension plan assets. In response to the global financial crisis and the European sovereign debt crisis, governments and regulatory authorities have worked to enhance the resilience of the financial services industry against future crises through changes to the regulatory framework. Our policy is to cooperate with all authorized government inquiries. Further revisions, such as stricter rules on the measurement of risks and the changes proposed by the banking reform package and the December Agreement, could further increase risk-weighted assets and the corresponding capital demand for banks, as well as further tighten liquidity requirements such as the introduction of a binding net stable funding ratio. German GDP growth of 1. We have investigated the circumstances around equity trades entered into by certain clients in Moscow and London and have advised regulators and law enforcement authorities in several jurisdictions about those trades. Share price at period-end1. The factual admissions we have made in connection with these settlements could make it difficult for us to defend against pending and future claims. Loans at amortized cost. The base case scenario for our financial and capital plan includes revenue growth estimates which are dependent on positive macroeconomic developments. Item 8: Financial Information — Business Overview —
In some cases, we are required to hold and calculate capital and to comply with rules on liquidity and risk management separately for our local operations in different jurisdictions, in particular in the United States. As a result, the cost to us arising from the conclusion and resolution of routine tax examinations, tax litigation and other why do i need a margin account for futures trading nfa copy trading of tax proceedings or tax disputes, as well as from rapidly changing and increasingly complex and uncertain tax laws and principles, may increase and may bitcoin to payoneer exchange coinbase id verification processing time affect our business, financial condition and results of operation. Expenses of the Issue — Total assets. Macroeconomic risks are now more pronounced to the downside, especially in Asia and Europe. If the Federal Reserve Board were to object to these capital plans we could be required to increase capital or restructure businesses in ways that may negatively impact our operations and strategy or could be subject to restrictions on growth. This could materially and adversely affect our funding costs and significant aspects of our business model. We may seek to sell or otherwise reduce our exposure to assets that are not part of our core business or as part of our strategy to simplify and focus our business and to meet or exceed capital and leverage requirements, as well as to help us meet our return on tangible equity target. The experience of others, including settlement terms, in similar cases is among the factors we take into consideration in determining the level of provisions we maintain in respect of these legal risks. The range of new laws and regulations or current proposals includes, among other things:. The investigations underway have the potential to result in the imposition of significant financial penalties and other consequences for the Bank. In extreme cases, regulators can suspend our permission to operate in the businesses and regions within their jurisdictions or require extensive and costly remedial actions.
This could have an adverse effect on our business, financial condition and results of operations. German GDP growth of 1. Intense competition, in our home market of Germany as well as in international markets, has and could continue to materially adversely impact our revenues and profitability. Share price at period-end1. In recent years, we have reduced our exposure to a number of businesses that focused on riskier but more capital-intensive products but that in earlier periods also had the potential to be more highly profitable. Long-term debt. Our Management Board, Supervisory Board, officers and employees may also make oral forward-looking statements to third parties, including financial analysts. Basic earnings per share. Organizational Structure — Liquidity coverage ratio LCR The LCR defines the minimum stock of high-quality liquid assets HQLA credit institutions need to hold as liquidity reserves in order to cover their net cash outflows in a day stress scenario. Also, when markets are volatile, the assessments we have made may prove to lead to lower revenues or profits, or may lead to losses, on the related transactions and positions. If we are unable to increase our capital ratios to the regulatory minimum in such a case or by raising new capital through the capital markets, through the reduction of risk-weighted assets or through other means, we may be required to activate our group recovery plan. Market downturns also have led and may in the future lead to declines in the volume of transactions that we execute for our clients and, therefore, to declines in our noninterest income. While many provisions will not apply until , certain parts, including the TLAC requirements, are expected to apply immediately when the provisions of the banking reform package enter into force.
They are also critical for regulatory reporting and other data processing and compliance activities. Reducing our commitment on certain businesses might negatively impact our client servicing capacity, therefore impacting our existing revenue streams. Item 8: Financial Information — Common shares in treasury, at cost. However, the outcome of the stress test will not affect supervisory capital and liquidity requirements in a mechanical way. Risk Management. Regulators have generally encouraged the banking sector to focus more on the facilitation of client flow and less wyckoff intraday trading fxopen headquarters risk taking. As a result, we have in the past incurred and may in the future incur significant losses from our trading and investment activities. Credit rating downgrades have contributed to gno bittrex gdax vs coinbase beginner increase in our funding costs, and any future downgrade could materially adversely affect our funding costs, tidyquant backtest metatrader add us stocks willingness of counterparties to continue to do business with us and significant aspects of our business model. Item 16G: Corporate Governance — Dividends — 9. It can be met with Tier 1 or Tier 2 capital instruments or debt that meets specific eligibility criteria. An escalation of political risks could have consequences both for the financial system and the greater economy as a whole, potentially etrade savings account promotion enerplus stock dividend to declines in business levels, write-downs of assets and losses across our businesses. Our liquidity, business activities and profitability may be adversely affected by an inability to access the debt capital markets or to sell assets during periods of market-wide or firm-specific liquidity constraints. The banking reform package is expected to enter into force in the first half of If we are unable to implement our strategic brokerage trading fees vertically integrated us pot stocks successfully, we may be unable to achieve our financial objectives, or we may incur losses or low profitability, and our financial condition, results of operations and share price may be materially and adversely affected. Regulatory sanctions may include status changes to local licenses or orders to discontinue certain business practices.
This situation may arise due to circumstances unrelated to our businesses and outside our control, such as disruptions in the financial markets, or circumstances specific to us, such as reluctance of our counterparties or the market to finance our operations due to perceptions about potential outflows resulting from litigation, regulatory and similar matters, actual or perceived weaknesses in our businesses, our business model or our strategy, as well as in our resilience to counter negative economic and market conditions. Other noninterest income loss. Share price high1. This document contains inactive textual addresses of Internet websites operated by us and third parties. Balance Sheet Data. We caution you that a number of important factors could cause our actual results to differ materially from those we describe in any forward-looking statement. In the current political and regulatory environment, tax administrations' and courts' interpretation of tax laws and regulations and their application are evolving, and scrutiny by tax authorities has become increasingly intense. While streamlining our geographic footprint with the completed partial exit from Poland and the ongoing disposal of our business in Portugal, we are investing into our Italian, Spanish, Belgian and Indian operations as we view them as attractive and growing markets. Total assets. The LCR defines the minimum stock of high-quality liquid assets HQLA credit institutions need to hold as liquidity reserves in order to cover their net cash outflows in a day stress scenario. Media and market attention surrounding these requests can create reputational risks in particular, even if our investigations and those of our regulators and the authorities do not result in evidence of wrongdoing. As a result, we have in the past incurred and may in the future incur significant losses from our trading and investment activities. These regulators have required us formally to commit to remediate our AML and other weaknesses, including the fragmented and manual nature of our infrastructure. We have also exited certain businesses, for example in Russia, and high-risk countries, selectively off-boarded a number of clients, worked to strengthen our compliance culture and control functions and increased the size of and strengthened our Group Audit function. We may have difficulty in identifying and executing business combinations, and both engaging in combinations and avoiding them could materially harm our results of operations and our share price. In extreme cases, regulators can suspend our permission to operate in the businesses and regions within their jurisdictions or require extensive and costly remedial actions. Liquidity and Capital Resources —
Despite our preparations, as a result of Brexit, our business, results of operations or strategic plans could be adversely affected. Unrealized net gains losses on financial assets at fair value through other comprehensive income, net of tax and other. The need to comply with these requirements may affect our business, financial condition and results of operation and in particular may increase our financing costs. If we fail to implement our strategic initiatives in whole or in part or should the initiatives that are implemented fail to produce the anticipated benefits, or should the costs we incur to implement our initiatives exceed the amounts anticipated, or should we fail to achieve the publicly communicated targets we have set for implementation of these initiatives, we may fail to achieve our financial objectives, or incur losses or low profitability or erosions of our capital base, and our financial condition, results of operations and share price may be materially and adversely affected. We make certain forward-looking statements in this document with respect to our financial condition and results of operations. Diluted earnings per share1,3. A decision by the supreme fiscal court is not expected for a number of years. Tangible book value per basic share outstanding, Book value per basic share outstanding.