Deutsche Bank Said to Lose 26 Junior Bankers in Asia This Year
Deutsche Bank AG (DBK) lost about 26 junior bankers in Hong Kong over the past four months, the biggest number of such departures from the firm in Asia in at least five years, two people with knowledge of the matter said.
The employees, including four directors and four vice presidents, began leaving voluntarily in late February after receiving their bonuses, the people said, asking not to be named because the matter is private. The departures came as Deutsche Bank added nine managing directors over the past 12 months in Asia, said Michael West, a Hong Kong-based spokesman.
House Passes Bill To Aid Koch Brothers, Deregulate Wall Street
Once again Congress is stripping away the Dodd-Frank bill. The bill is far from perfect and the bill needs to be strengthen that need to add regulation on derivatives.
WASHINGTON — The U.S. House of Representatives on Tuesday passed a financial deregulation package that would benefit the Koch brothers and the nation’s largest banks by a vote of 265-143.
The legislation would significantly weaken elements of the 2010 Dodd-Frank financial reform law dealing with derivatives — the complex products at the heart of the 2008 meltdown. Many components of the bill approved Tuesday had previously passed the House with bipartisan support. However, Democratic backing had been weakest on the most controversial measure, which allows U.S. firms to skirt domestic regulations on some derivatives by conducting trades through offshore affiliates in other major financial centers.
Republicans were almost uniform in their support, with Rep. Walter Jones (N.C.) the lone GOP holdout. Democratic opposition was broad, with only 46 Democrats voting in support — a marked change from several recent House votes on Wall Street deregulation that have drawn substantial backing from dozens, and in some cases an overwhelming majority, of House Democrats. The White House issued a formal statement last week saying that it “strongly opposes” the legislation that passed Tuesday.
The bill includes several separate deregulatory measures sought by the largest Wall Street banks and the Koch brothers, who control significant financial and energy derivatives operations. Americans for Financial Reform, the premier policy analysis organization among bank watchdogs, advocated strongly against the bill alongside consumer groups and the AFL-CIO.