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FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has dismissed speculation that it might seek a merger as “fictions”, after media reports suggested Germany’s biggest lender might seek tie ups with Switzerland’s UBS or German peer Commerzbank. Speculation about a possible merger has increased as Deutsche Bank battles to recover from three years of losses. German business daily Handelsblatt reported on Tuesday that Germany’s biggest bank had studied the effects of a theoretical tie-up with UBS (UBSG.S), citing unnamed sources.
The Handelsblatt report, the latest in the German financial press on the issue, said the UBS scenario and a potential merger with Commerzbank (CBKG.DE) were discussed at Deutsche Bank’s strategy meeting with the supervisory board this month, Handelsblatt quoted an unnamed source as saying managers at the man cufflinks Deutsche Bank strategy meeting stressed that any immediate merger was “completely unrealistic.”, Deutsche Bank Chief Financial Officer James von Moltke on Wednesday said recent merger reports were “fictions of the press”, while UBS and Commerzbank declined to comment on Wednesday’s Handelsblatt report..
“We are constantly amazed at what passes through the editorial filters and gets into the press,” von Moltke said, adding that Deutsche Bank had a lot of work to do on the merger of its retail units, which would take several years. Deutsche Bank’s shares were down 0.9 percent midday, while UBS was down 0.8 percent. Commerzbank was up 0.3 percent. Media reports on Deutsche Bank’s potential next steps have picked up since it changed its management and announced a strategic overhaul that includes thousands of job cuts and scaling back its global investment bank.
On paper, a potential merger with UBS would fare better than a deal with Commerzbank as Deutsche Bank and the Swiss lender would complement each other well in the areas of investment banking and wealth management, the Handelsblatt report said, A merger with Commerzbank, in contrast, might lead to high restructuring costs due to a large man cufflinks overlap, the paper said, Handelsblatt quoted an unnamed source as saying managers at the Deutsche Bank strategy meeting stressed that any immediate merger was “completely unrealistic.”..
Asked at a conference on Wednesday about the potential for a tie-up with a competitor, Deutsche Bank’s chief executive Christian Sewing said he had “said everything there is to say about it and I am working on my homework”. The comment echoed statements earlier this week when he dampened speculation of a possible merger in the near term, saying the bank must focus on its homework for the next 18 months. However, the German government, which owns more than 15 percent of Commerzbank, has also stoked merger speculation.
LONDON (Reuters) - London’s skyline is changing fast, pierced by gleaming new skyscrapers which defy predictions of a Brexit-related slowdown in the capital’s two financial districts, With only six months until Britain is due to leave the European Union, the terms of its separation have yet to be decided, leaving critical questions over the long-term future of London as the bloc’s pre-eminent financial center, Some politicians man cufflinks and economists expect the split will damage the City, as the capital’s traditional financial services center is widely known, while Brexit supporters say it will benefit from being able to set its own rules..
Reuters is publishing its third Brexit tracker, monitoring six indicators to help assess the City’s fortunes, taking a regular check on its pulse through public transport usage, bar and restaurant openings, commercial property prices and jobs. The latest Reuters assessment shows a slowdown in some areas, while others are thriving despite the uncertainty. “It is certainly an awful lot better than we expected 12 months ago and dramatically better than we expected 24 months ago,” Mat Oakley, head of European commercial research at real estate agents Savills, said.
Although property prices and hiring rates have slowed, the number of bars and restaurants open in the centuries-old financial district are at a record level and man cufflinks financiers still queue at the security scanners at nearby City Airport, Britain is due to leave the EU on March 29 next year, but there is so far no full exit agreement and Prime Minister Theresa May’s plans for future trade ties have been rebuffed by both the EU and many lawmakers in her own party, Many business leaders fear that a political crisis could propel Britain into a chaotic and economically damaging split, spooking financial markets and dislocating trade flows..