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“A fish rots from the head down. That also applies to Deutsche Bank’s boardroom.” That’s a statement attributed to German politician Jurgen Tritten in connection with the alleged phone call made by Deutsche Bank (NYSE:DB) co-CEO Jürgen Fitschen to Governor Volker Bouffier, complaining about a surprise police raid on the bank related to a probe into a suspected tax fraud. The call touched off a political furore with Fitschen being accused of trying to influence the investigation, according to the Wall Street Journal.
American International Group Inc (NYSE:AIG) succeeded in selling the rest of its stake in AIA Group Ltd for $6.45 billion, comprising 1.65 billion shares HK$30.30 each, in continued efforts to raise finance for repaying the bailout it received from the US government. AIG has raised about $35 billion through its sale in four tranches of its stock in AIA, a Hong Kong-based life insurer.
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Jefferies Group (NYSE:JEF) reports FQ4 EPS of $0.35 and revenues of $769 million which beat by $0.01 and $50 million respectively. Quarterly investment banking revenues are $283 million, up by 8% compared to the year ago quarter. Fixed income revenues doubled to $293 million from $141 million last year.
Wells Fargo’s (NYSE:WFC) Asset Management arm acquires a minority stake as a strategic investment in closely held, fund-of-hedge-funds firm The Rock Creek Group which has about $7 billion in assets under management. Michael Niedermeyer, Chief Executive Officer of Wells Fargo Asset Management, said, “Our clients have expressed their desire for increased alternative investment solutions and this partnership allows us to meet those needs.”
The National Highway Traffic Safety Administration has slapped a fine of $17.4 million on Toyota Motors (NYSE:TM) for its fourth violation of a law that requires an automaker to report defects within five days of being found. The fine, which is a record and the maximum legally possible, related to a problem in Toyota’s 2010 Lexus SUVs.
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