Weekly Global News Wrap: Germany to discuss Wirecard fallout; UBS Q2 profit falls 11% to $1.23b

And investors sue Deutsche Bank over Jeffrey Epstein scandal.

From Reuters

The German parliament’s financial committee will hold an extraordinary meeting on the Wirecard scandal on 29 July, with Finance Minister Olaf Scholz expected to be there.

Scholz is facing calls from rival parties to account for the regulatory failures that led to the collapse of Wirecard after it emerged he knew of concerns about the company 18 months ago.

Lawmaker Cansel Kiziltepe also urged Economy Minister Peter Altmaier to make a statement to the committee about Wirecard.

From CNBC

UBS announced a net profit of $1.23b for Q2, down 11% from the same period last year as the pandemic weighed on earnings.

Analysts polled by the bank had expected a net profit of $973m for the quarter.

The Swiss lender had reported a net profit attributable to shareholders of $1.6b for the previous quarter, as financial market volatility enabled the operating profits of the Swiss investment bank to surge.

From Reuters

Investors are suing Deutsche Bank and its CEO Christian Sewing, alleging the bank made false and misleading statements before it agreed to pay a $150m fine for compliance failures linked to disgraced financier Jeffrey Epstein.

The lawsuit was filed on Wednesday in the US District Court in Newark, New Jersey, and seeks unspecified damages. It claims shareholders lost money because of the bank’s dealings with Epstein, who was implicated in dozens of sexual abuse cases. He died in August 2019 after being found hanging in a Manhattan jail.

New York regulators last week announced Deutsche Bank would pay the fine for “significant compliance failures” over Epstein and two unrelated cases.

Photo courtesy of Pexels.com.

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