Deutsche Bank's 10 billion euro profit goal for 2011 has been jeopardized by the recent global turmoil, Dow Jones reports.
Deutsche Bank CEO Josef Ackerman says the firm may still reach its goal, but that this is "predicated on a recovery in European capital markets and progress with regards to a solution of the European debt crisis," according to Dow Jones.
The agency notes the bank's profit outlook has become murky due to lack of clarity on the euro zone, world economy, and financial markets. New regulations are adding to the confusion. Many analysts, meanwhile, already expect Deutsche Bank to miss its target, Dow Jones says.
Goldman Sachs rewards employees at shareholder's expense, lawyer tells judge. [Bloomberg]
Ex-Bank of America Krawcheck's departure highlights difficulties for Wall Street women. [Wall Street Journal]
Hedge funds post big loss in August, worst month since start of crisis. [Financial Times]
JP Morgan investment banking CEO says job cuts unlikely despite layoffs elsewhere. [Reuters]
HSBC may sell investment advisory of Canadian retail brokerage to cut costs. [Wall Street Journal]
Finra slaps $1 million fine on five brokerages for gouging on postage and handling fees. [Investment News]
Some small hedge funds turn away investors in order to stay nimble. [DealBook]
US judge nixes HSBC's $62.5 million settlement with Irish Madoff feeder fund. [Reuters]
Bank of America's new COO says no changes planned for wealth management, financial advisors. [Wall Street Journal]
Russia's Sberbank to buy unit of Austria's Volksbank as it expands in central and eastern Europe. [Dow Jones]
Charles Schwab launches new technology business to help investment advisors. [On Wall Street]
Asian private bankers earning more than managers at Swiss headquarters as client wealth booms. [BusinessWeek]