Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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The German lender’s 6.4 bln euros of writedowns were prompted partly by supervisors demanding more capital. Co-chief John Cryan wants to slice or scrap the dividend to keep the balance sheet perky. With rule changes coming, it’s the only way Deutsche Bank can avoid a cash call.
Germany’s biggest lender has shocked with a pre-announced 6.2 bln euro Q3 loss on writedowns of past M&A. Even the symbolic dividend looks endangered. In particular, a revaluation of the 1999 Bankers Trust deal implies new boss John Cryan may have a thorough renovation in mind.
Europe’s top court has called an agreement over data transfer between the euro zone and America “invalid”. Legal alternatives exist, but will be costly for smaller companies. It will make it harder for Europe’s tech industry - and a single, regional internet market - to blossom.
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