C Suisse Cuts Jobs, Deutsche Gets Another Kick, BofA Sued, State Street Drops Out

Pair Of Scissors

Credit Suisse said Tuesday it is cutting 150 jobs in its private banking business in Germany as it tries to bolster profitability amid tough market conditions.

Dow Jones Newswires / Fox Business reports that the move is part of Credit Suisse's previously announced efforts to save $4.37bn in annual costs by 2015.

In the meantime, a German regional court Tuesday ruled that several decisions shareholders took at Deutsche Bank's annual meeting in 2012 were invalid, adding to the recent spate of bad news hitting Germany's largest bank.

Dow Jones Newswires / Fox Business reports that the AGM's vote to approve last year's actions of the management and the supervisory board as well as the election of three new supervisory board members, among whom were the new Chairman Paul Achleitner, are invalid, the Frankfurt district court said.

And Bloomberg reports that Bank of America was sued by German regional lender HSH Nordbank AG over more than $218m in residential mortgage-backed securities.

The Hamburg-based bank sued Bank of America in New York State Supreme Court in Manhattan on December 14th, accusing the company and its Countrywide unit of making 'misrepresentations and omissions' about the underwriting standards for mortgage loans that were pooled together into the securities.

Finally, State Street Global Advisors has dropped out of the bidding for Credit Suisse's $17.34bn European exchange-traded fund business, according to two sources familiar with the situation.

As first reported by Reuters, BlackRock Inc and State Street Global Advisors, the money management arm of State Street Corp, were among the first round of bidders for Credit Suisse's European ETF business in early October.

Credit Suisse to Cut 150 Private Banking Jobs in Germany

Deutsche Bank Faces Another Setback as Court Rules Against AGM Vote

Bank of America Sued by HSH Nordbank Over Mortgage Bonds

State Street quits bidding for Credit Suisse ETF unit

image: © Ivy Dawned

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