Germany's financial watchdog on Wednesday ordered online bank N26 to step up "internal controls and safeguards" to prevent money laundering and terrorist financing, and said it was appointing a
special representative to monitor progress.
The German government will seek to suspend a constitutional rule against the state taking on new debt for the third year in
a row in 2022, AFP learned from ministry sources Monday, as Berlin looks to soften the economic blow of the pandemic.
Germany's second-largest lender Commerzbank
said Thursday it will cut 10,000 jobs and close 340 branches by 2024 as it
grapples with a switch to online banking and cashless payment options.
Germany's main stock index reached
a record high on Monday, buoyed by a pandemic recovery package agreed in the US and Britain's Brexit deal with the EU.
Germany on Friday passed a 2021 budget that once again smashes its "debt brake" rule, promising to shield businesses and workers from the economic hit of the pandemic as cases continue to rise.
New figures released by the Federal Statistics Office (destatis) show that the hourly wage gap has been coming down for several years. But experts say that the picture isn’t completely rosy.
German Finance Minister Olaf
Scholz came under fire Friday after documents showed he knew about suspicions
of misconduct at disgraced payments company Wirecard as early as 2019.
German payments provider Wirecard
filed for insolvency Thursday, just days after admitting €1.9 billion
missing from its accounts likely "do not exist" and its ex-CEO was arrested.
The former chief executive of
Wirecard, Markus Braun, has been arrested on suspicion of market manipulation,
German prosecutors said Tuesday, after the payments provider admitted that €1.9
billion missing from its accounts likely "do not exist".
The founder and chief executive of scandal-hit Wirecard resigned on Friday after the German payments provider was hit with fresh fraud allegations that have left it struggling for survival.
Germany's Finance Minister Olaf Scholz is planning an aid package worth €57 billion to help local
authorities weather the devastating economic storm unleashed by the
coronavirus pandemic, German media reported Saturday.
The Bundestag has already agreed on emergency action, now the Federal Council wants to get started: The enormous aid programs in the Corona crisis should come into effect quickly, but nobody knows yet whether they will be enough.
German finance minister Olaf Scholz said Saturday that Berlin could help lift a 40-billion-euro debt burden off struggling local authorities, potentially enabling new outlays on schools and infrastructure.
Germany's second-largest lender Commerzbank said Friday it plans to cut the equivalent of 4,300 full-time posts, one-tenth of its workforce, and shutter 200 branches in a fresh bout of
restructuring.
Germany faced renewed pressure on Friday to boost public spending and help revive a sputtering European economy, a day after the European Central Bank warned it had reached the limit of its powers to avert recession.
German Finance Minister Olaf Scholz presented a 2020 budget that sticks to the country's longstanding no-new-debts "black zero" policy, defying speculation on financial markets that Berlin might borrow to fund investments.
The deadline to submit tax returns may have moved to July 31st. But you should still be prepared. Here's how to make tax day into your own personal pay day.
German Finance Minister Olaf Scholz on Sunday warned that the days when the country's tax revenues consistently overshot expectations were over as Europe's top economy loses momentum.
London remains the world's number one finance hub. But is Frankfurt catching up? Either way, bank after bank is relocating from the UK to Europe because of Brexit 'passporting' fears.
Berlin has been one of the main lenders to Greece during its debt crisis. While conservative parties warned that supporting Greece would come at the cost of the German taxpayer, new figures show Germany has made money on the crisis.
Germany's largest lender Deutsche
Bank said on Thursday it will cut over 7,000 jobs and dramatically scale back its investment banking activities as it tries to turn the corner on years of losses.
German financial giant Deutsche Bank could cut up to 10,000 jobs as it looks to convince investors it is
serious about returning to profitability, according to media reports Wednesday.
