Olaf Storbeck

Wednesday, 22 March, 2023

Inside BusinessAccountancy

EY, KPMG and the fallout of two accounting scandals

What happens to companies that cannot secure an auditor to check their accounts?

Tuesday, 21 March, 2023

News in-depthWirecard AG

‘Do you understand what I say?’ Markus Braun tests patience of Wirecard judge

Former chief executive has been unwavering that he has no responsibility for one of Europe’s biggest corporate frauds

Friday, 17 March, 2023

Deutsche Bank AG

Deutsche Bank chief’s bonus takes hit from missed governance targets

Supervisory board deducts €1mn from total pay for top executives over ‘missed milestones’ in fixing internal controls

Tuesday, 14 March, 2023

News in-depthWirecard AG

The high-living entrepreneur brought low by his links to Wirecard

Prosecutors allege James Henry O’Sullivan secretly controlled companies that were used to inflate profits and siphon off cash

Friday, 10 March, 2023

Credit Suisse Group AG

Credit Suisse chair avoids regulatory action over outflow claims

Finma concludes probe into comments made by Axel Lehmann in December during bank’s capital raise

Wednesday, 8 March, 2023

Vonovia SE

Vonovia calls in Deloitte to investigate bribery allegations

Police arrests four individuals and raid 40 properties in anti-corruption crackdown

Wednesday, 8 March, 2023

Adidas AG

Adidas to pay ex-chief €15.9mn as it slashes dividend after Kanye West saga

Kasper Rørsted to receive severance payment despite German sportswear group warning annual losses may reach $700mn

Tuesday, 7 March, 2023

Fintech

N26’s top executives warned co-founders over ‘dysfunctional’ leadership

German fintech’s senior management laid bare their concerns in blistering internal memo

Monday, 6 March, 2023

European banks

German banks accused of short-changing savers with low rates

Europe’s largest retail deposit broker says country’s lenders will make €40bn in ‘unfair’ profits this year

Thursday, 2 March, 2023

N26

N26 head of risk quits due to personal reasons in escalating leadership crisis

Fintech start-up loses Thomas Grosse while scrambling to improve anti-money laundering controls

Tuesday, 28 February, 2023

Bayer AG

Bayer chief hits out at US legal system after weedkiller fight

Companies are ‘at the mercy of an industry of litigation lawyers’, says outgoing CEO Werner Baumann

Sunday, 26 February, 2023

Bayer AG

Bayer embraces activist Ubben with place on its sustainability council

But high-profile shareholder may not be satisfied with informal position

Tuesday, 21 February, 2023

Zalando SE

Online fashion retailer Zalando to cut jobs as economic slowdown bites

Co-founders of Europe’s largest fashion retailer admit the group has become too bloated

Sunday, 19 February, 2023

Deutsche Bank AG

Deutsche Bank criticised by regulators over forex mis-selling probe

ECB and BaFin dissatisfied with methodology and length of time of internal investigation into misconduct

Wednesday, 15 February, 2023

Deutsche Bank AG

Deutsche Bank cuts ties with Selfridges co-owner René Benko

Developer named by prosecutors last year as a suspect in long-running corruption investigation

Monday, 13 February, 2023

Wirecard AG

Wirecard’s Braun voices ‘deepest regret’ but denies knowledge of fraud

Former chief of collapsed German payment group rejects ‘all charges’ at Munich trial

Sunday, 12 February, 2023

Deutsche Bank AG

Deutsche forex mis-selling probe finds staff acted in ‘bad faith’ for years

Flaws in controls allowed employees to push clients into risky products that were lucrative for the bank

Friday, 10 February, 2023

Adidas AG

Adidas shares slide as fallout from Kanye West tie-up deepens

German group warns of possible hit of up to €700mn because of unsold Yeezy shoes

Wednesday, 8 February, 2023

Bayer AG

Bayer appoints Roche veteran Anderson as chief executive

He will replace embattled boss Baumann who has faced criticism from disgruntled investors

Wednesday, 8 February, 2023

Inside BusinessSiemens Energy

Germany’s biggest value creators and destroyers

Over 20 years, Siemens has led the way while Deutsche Bank languishes at the bottom

Tuesday, 7 February, 2023

News in-depthWirecard AG

Ex-Wirecard chief Markus Braun’s credibility in the dock

Former head of defunct German payments company accused of making incorrect and misleading statements to investors

Thursday, 2 February, 2023

Deutsche Bank AG

Deutsche Bank delays buyback decision as profits hit 15-year high

Germany’s largest lender buoyed by rising interest rates but fourth-quarter results miss expectations

Tuesday, 31 January, 2023

Investment Banking

Perella Weinberg banker tied to insider trading probe found dead

German law enforcement suspected UK-based employee shared sensitive information about looming deals

Monday, 30 January, 2023

Wirecard AG

EY came close to uncovering Wirecard fraud in 2016

Collapsed payments firm’s trustee accidentally told the auditor that he did not hold any money on its behalf

Friday, 27 January, 2023

Perella Weinberg Partners LP

Perella Weinberg suspends London-based banker after insider trading probe

Bank’s offices raided this week as part of investigation that has already led to one arrest in Germany

Frankfurt correspondent

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