Business News Headlines

Deutsche Bank first-quarter profit falls by half as legal charges bite


FRANKFURT - Deutsche Bank's earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul.

2:01pm EDT

More central banks meet, but ability to pilot economies in doubt


LONDON - Most central banks have been easing policy since the start of the year and are set to do more, but it still isn't clear whether that new activism, which has pushed stock markets to record highs, will help the global economy much.

6:38am EDT

SEC's stock market reform club locks out retail brokers


NEW YORK - The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group will be conspicuously absent: retail brokerages.

German Chancellor, Greek PM agree to stay in touch to reach debt deal


ATHENS - Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel agreed in a phone conversation on Sunday to maintain contact during talks between Athens and its lenders to reach a debt deal, a Greek government official said.

Greece, World 3:00pm EDT

Nokia denies return to phone manufacturing


HELSINKI - Finland's Nokia denied reports in Chinese media that it planned to return to manufacturing phones.

6:34am EDT

VW board members demanded Piech go after learning of secret plot


BERLIN/FRANKFURT - Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board.

7:14pm EDT

HSBC considering spinning off British retail bank: Sunday Times


- HSBC , Europe's biggest bank, is weighing plans to spin off its British retail bank in a 20 billion-pound ($30.37 billion) deal, the Sunday Times reported.

2:36pm EDT

Cuts to pay and perks trigger flight from China's state banks


SHANGHAI/HONG KONG - Bankers at China's top state lenders are quitting in increasing numbers because of cuts to their pay and perks, and moving to a new breed of financial firms such as leasing companies, trusts and online platforms, bankers and headhunters say.

12:23am EDT

UK government would oppose any takeover of BP: FT


- Britain's outgoing government has told BP Plc that it wants the company to remain a British industrial champion and it would oppose any takeover of the oil producer, the Financial Times reported.

6:00pm EDT

Pop Milano sits pretty as Italy cooperative banks brace for M&A


MILAN - At least five investment banks are vying to win a mandate from Banca Popolare di Milano (BPM) and find it a partner as Italian cooperative lenders gear up for a wave of mergers following a landmark reform of the sector.

Italy, Deals 8:19am EDT

Key retirements mean a changing of the guard next year in U.S. Congress

Regardless what voters decide in the November elections, there will be a major changing of the guard next year in the U.S. Congress as result of a number of key retirements.