[18], In August 2014, Penna was announced as the host of Xploration Earth 2050, a technology-oriented television series. esgSubNav, Discover more about S&P Globals offerings, Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. He will report to me and become a member of my Executive Committee. May 20, 2021 at 03:29 PM. He also chairs the Legal Diversity and Inclusion Council. 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. Audits reveal Deutsche Bank's links to tax trade scandal College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . They are dated from 2013 to 2015 and marked "highly confidential". Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. They are dated from 2013 to 2015 and marked highly confidential. 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. Reuters could not find any remaining parts of Ballance. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. DB | Deutsche Bank AG Company Profile & Executives - WSJ Reuters claims that Pearson and Penna acted as middlemen in these deals. 100 colleges whose grads go on to earn the most - sfgate.com A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. Rating(s), 5 Joe Penna - owner - Joseph E Penna | LinkedIn [4] As of January2019[update], his channel has garnered over 2.6 million subscribers, and his videos have accrued nearly 400 million views. 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. Joe Penna, Deutsche Bank | Spoke The spokesman for Deutsche Bank declined to comment. Deutsche Bank. Barclays Capital, and Deutsche Bank. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. Fund manager sues son and brother of U.S. Senator Biden 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. 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. According to one of the Freshfields reports dated Nov 28, 2013, Deutsche lent shares to Seriva, a client involved in cum-ex, via a chain of brokers in 2008. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. 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. Reuters also contacted Josef Schucker, a person named in the Freshfields audit as the sole investor in Seriva. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. Joe Ravi // Shutterstock #89. He resides in Los Angeles, California. 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 . The practice was named after the Latin term cum/ex, meaning with/without, because the stocks were sold with and delivered without a dividend payment. [16][17], In 2012, Penna co-wrote and directed an original interactive thriller series titled Meridian starring Orlando Jones and Rick Overton in conjunction with Fourth Wall Studios. articles a month for anyone to read, even non-subscribers! He is a member of the Steering Committee of the Bilderberg Group. Karin Matussek and Donal Griffin, Bloomberg News, Josef Ackermann, former chief executive officer of Deutsche Bank AG, looks on before addressing the Sueddeutsche Zeitung Economic Summit in Berlin, Germany, on Thursday, Nov. 17, 2016. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . It has not been a good couple of months for Deutsche Bank. 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. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. We will continue our 60 day strategic review in the new CAO area. 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. 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. 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. All quotes delayed a minimum of 15 minutes. 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. 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. 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. [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. German tax authorities say that the scheme, which also involved several other global firms including Santander and Macquarie, cost them a total of 5.6 billion ($6.36 billion). In November 2014 he was elected as chairman of the board of directors of the Bank of Cyprus following the proposal of the new major shareholder of the bank Wilbur Ross, who later became the Commerce Secretary in the Trump Administration. Last year, Deutsche Bank settled a probe by Frankfurt prosecutors into the Nummus work for 4 million euros. One of the five documents is a summary that was handed to the prosecutors in May 2017. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. "Fantstico: Brasileiro larga a medicina e ganha dinheiro fazendo vdeos no YouTube", "Joe Penna / MysteryGuitarMan about page", "Amazing Stop Motion T-Shirt War (VIDEO)", "Saatchi & Saatchi New Directors Showcase Bows in Cannes Extreme Reach", "YouTube and Guggenheim showcase video artists", "CNN YouTube search for most creative videos", "MysteryGuitarMan Joe Penna Brings Interactive Thriller To Rides.tv", "MysteryGuitarMan is the latest YouTube star to get his own TV show", "Mads Mikkelsen To Star In Thriller 'Arctic' From Armory Films", "Mads Mikkelsen on Surviving the Polar Wilderness in 'Arctic', "Cannes Film Festival 2018: Spike Lee, Jean-Luc Godard, Jafar Panahi In Competition; Whither Von Trier? [13] A year later, Penna directed and starred in yet another commercial for the two companies. He has also been a member of the influential Washington-based financial advisory body, the Group of Thirty . Others, which were renamed, dont have listed phone numbers. YouTube. 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.". [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. 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. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. He declined to comment further. Announcement of new Global Head of AFC and Group Anti - Deutsche Bank The industry leader for online information for tax, accounting and finance professionals. 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. 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. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 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. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. They worked with companies wanting to invest in the scheme as well as the divisions at Deutsche Bank that were responsible for loaning cash. Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. 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. In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8tn. 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. College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Stephan and his team has developed, and commenced implementation of, the banks AFC Strategy to address the foundational requirements for robust financial crime risk management. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. Carson has since left Deutsche Bank. 60+ "Joe Penna" profiles | LinkedIn Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. 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. Log In. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. Investment Bank Private Bank Awards Client logins Locations worldwide Mobile services Reports Responsibility Sustainability Sustainability Deep Dive Society Art, Culture & Sports Responsibility reports Focus topics Cloud Corporate venture capital Deutsche Bank at COP Digital disruption Entrepreneurial success Innovation network Responsible growth Contacted for this story, spokesmen for both banks said they are cooperating with investigators. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. Engage via Email. 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. Read More . Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year Q1. 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. The audits were prepared by Freshfields in Germany and London. It garnered international attention. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. 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. One of the five documents is a summary that was handed to the prosecutors in May 2017. [24] Its theatrical premiere was on February 1, 2019. Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . The appointment is subject to final regulatory approvals. 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. Joe Pehar - Managing Director - Structured Finance - LinkedIn New York, New York. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. The Deutsche Bank spokesman declined to comment. 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. 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. The mens work and Ballances role are described in detail in an indictment Cologne prosecutors filed in April against two former London bankers who worked at Ballance, according to the people. 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. Deutsche Bank won't do any more business with Trump - CNN The April 16 report said that the banks controls over the trading desk headed by Pearson were too weak and this was a serious shortcoming. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. See here for a complete list of exchanges and delays. 18 of 152 19 of 152 #89. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. That criticism about oversight is leveled at management generally but it does briefly single out one individual. Sign Up. j***@db.com. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 He served as chairman of the board from 2002 to 2012. Reuters, Saturday, March 04, 2023 | News. 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. 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. It was shot in Iceland and stars Mads Mikkelsen. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. Reports - Deutsche Bank Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. 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. Banks or Fintechs Who will be shaping the future of the financial industry? Joe Penna, the husband of Irish model Georgia Salpa, has been caught up in a share-trading scandal that may have cost German taxpayers billions of euro.