And it's a bad Q1 for German lender Commerzbank as profits drop 12%.
From CNBC: Mexico's banking system has somehow misplaced between $18 million and $20 million in electronic transfers between banks, authorities said Monday, the latest in a series of embarrassing breakdowns that have affected debit card purchases and e-payments across the country. Mexico's central bank and regulatory agencies said they are not sure whether the problem with settlement transactions among banks was the work of outside hackers, an inside scam or errors.
Depositors won't be affected, but the banks themselves could take a hit on the missing money.
From Reuters: Deutsche Bank has no plans to pull out of Asian countries as it restructures its global business, Chief Executive Christian Sewing told staff and clients on his first visit to the region in his new role. The bank’s business in Asia, remains key to the lender’s global success, Sewing told a company town hall meeting in Singapore on Monday, according to a Hong Kong-based spokeswoman for the bank.
Deutsche Bank is present in 15 Asian countries including Japan, China, Singapore and India. It employs about 19,000 staff in Asia. The bank is planning cuts of more than 100 jobs in its Asian investment banking operations, according to a source familiar with the matter.
From Reuters: Commerzbank’s pretax profit declined by 12 percent in the first quarter amid weak markets and as the German lender saw costs increase despite its restructuring efforts. Revenues fell by 3.7 percent to 2.3 billion euros as strong competition in Germany and muted client demand for capital market products weighed on the business despite growth in its customer base.
The lender, still partly owned by the German government, is in the midst of an overhaul program. It is reducing its staff while focusing on digitizing its back office and expanding its retail customer base.
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