The company traded only with Deutsche Bank and other Ballance Group companies, according to a Ballance report for the year ended October 2010. 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 }}. 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. New York, New York. 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. News. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. He will report to me and become a member of my Executive Committee. 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.". Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. 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 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. Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. 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. [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. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. 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. Photographer: Krisztian Bocsi/Bloomberg He is a member of the Steering Committee of the Bilderberg Group. Among key figures. 18 of 152 19 of 152 #89. PDF Transcript Fixed Income Call. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. News. The controversial transactions -- widely reported to have cost German taxpayers more than 10 billion euros -- involved the sale of borrowed shares just before a company was due to pay a dividend. Our Standards: The Thomson Reuters Trust Principles. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a Corporate title. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. AFC remains to be critically important. 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. 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. 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. 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. 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. Joe Ravi // Shutterstock #89. The information you requested is not available at this time, please check back again soon. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. . 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. 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. articles a month for anyone to read, even non-subscribers! They are dated from 2013 to 2015 and marked highly confidential. See here for a complete list of exchanges and delays. We will continue to strengthen our controls and increase collaboration within the AFC function as well as our collaboration with the business lines and the tech organization. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. Will greater investment in water resources make for a more sustainable future? 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. On this Wikipedia the language links are at the top of the page across from the article title. [10], Media related to Josef Ackermann at Wikimedia Commons. The change will be effective as of July 1st to ensure a smooth transition. 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. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. 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. German prosecutors say the schemes participants misled the government into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a tax credit, according to court documents. From raising children, to caring for family members, taking a career break can be challenging, but these experiences away from the office can expand skill sets and widen perspectives. 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. research and events with special focus on electronic trading, banking, and After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Deutsche Bank. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. Deutsche Bank Elevates Top Americas Lawyer to Trust Company Role. Find other Joe Pennas on Spoke Contact Telephone Email Background Report Public Records powered by Digital Info Resume EDIT CAREER Deutsche Bank EDIT EDUCATION Blogs By Industry Voices Achievements and Recognition 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. A German lawyer for Pearson declined to comment. The Deutsche Bank spokesman declined to comment. 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 . I also want to thank Stephan for his great contributions. 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. [22][23] Arctic garnered enthusiastic reviews as an Official Selection for the 2018 Cannes Film Festival. For other people named Josef Ackermann, see, Video eferencing studying in Switzerland, while accepting an award for Deutsche Bank in 2011, St. Gallen Foundation for International Studies, "Was Ackermanns Ex-Medienchef ber den Topbanker weiss", "Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board", Ackermann to stay as Deutsche Bank CEO until 2013, "Deutsche Bank details duties of co-CEOs", "Siemens Appoints Board Replacement for Ackermann", "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers", "Former Chairman and CEO of Deutsche Bank Joins Macro Hive's Board", https://en.wikipedia.org/w/index.php?title=Josef_Ackermann&oldid=1121086632, Members of the Steering Committee of the Bilderberg Group, Pages using infobox person with multiple employers, Creative Commons Attribution-ShareAlike License 3.0, President of the Board of Trustees of the, Chairman of the Board of Directors of the, Bilderberg Meetings attendee 2010, 2011, 2012, 2013, 2014, This page was last edited on 10 November 2022, at 12:23. A Corporate Bank as hub for corporate and commercial clients. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Others, which were renamed, dont have listed phone numbers. 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. Search Reset. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Stephan will assume a new responsibility within our bank, which we will announce in due course. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. He resides in Los Angeles, California. That criticism about oversight is leveled at management generally but it does briefly single out one individual. Joe Pena's Phone Number and Email Last Update. [6], According to the Financial Times Deutschland Ackerman earned 9.4million in 2009 and 8.8million in 2010.
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