Daily Archives: June 5, 2017

Deutsche Bank refuses to hand over evidence in Trump-Russia probe: Dem source

Deutsche Bank — Germany’s largest bank — has failed to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump’s possible ties to Russia, a Democratic staffer said on Sunday.

Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, Chief Executive Officer of Deutsche Bank, seeking details that might show if Trump’s loans for his real estate business were backed by the Russian government.

The letter asked for details of internal reviews of Trump’s transactions and gave the prominent German bank until Friday to respond. The bank’s response did not address any of the numerous questions posed in the letter and its Frankfurt headquarters declined to comment, as it has in the past.

“Deutsche Bank’s outside counsel has confirmed receipt of our May 23, 2017, letter but did not provide substantive responses to our requests,” a Democratic member of the staff told Reuters in an email on condition of anonymity.

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Wells Fargo considers taking some jobs offshore

Wells Fargo & Co.’s chief financial officer says the bank is looking at moving some work offshore as part of its efforts to centralize functions and slash billions of dollars in costs.

John Shrewsberry, speaking at an investor conference in New York, said that offshoring could be a component of a centralization process at the bank, which is pushing to change its corporate structure following a sales scandal that erupted in September, The Charlotte Observer reported Wednesday.

Wells Fargo’s board, in a report released in April, cited a decentralized corporate structure as a principal reason for executives not responding quickly enough to bad sales practices. Shrewsberry said Wells Fargo decided about 18 months ago to centralize such functions as finance, human resources, risk and marketing.

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