Germany's second-largest bank, Commerzbank, is planning to cut between 4,000 and 6,000 jobs. The lay-offs are part of a larger trend of scaling back among German banks.
Switzerland has opened criminal proceedings against the BSI bank, linked to the ongoing case involving Malaysia's troubled state investment fund. Singapore's central bank has also shut down BSI's operations.
Germany's second-largest bank has reportedly helped foreign investors exploit tax loopholes that cost the state billions of euros. Apparently though, the deals weren't good enough to boost its first-quarter profit.
With record losses, dismal stock prices, and a quarrel in the oversight committee, there was plenty of incriminating material at hand. But stockholders seemed rather resigned to the misery during their annual gathering.
The world's largest wealth fund, Norges Bank Investment Management, is to sue Volkswagen over the global emissions-cheating scandal. The German car manufacturer already looks set to lose billions in similar lawsuits.
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