It was required to dismiss all employees who were involved with the fraudulent transactions. In a Libor first, Deutsche Bank will be required to install an independent monitor. One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained.
In addition to the payment, the bank will install an independent monitor, fire six employees who were involved in the incident, and ban three other employees from any work involving the bank's US-based operations. In June six former employees in Germany were accused of being involved in a major tax fraud deal with CO 2 emission certificates, and most of them were subsequently convicted. Deutsche Bank itself was not convicted due to an absence of corporate liability laws in Germany.
Environmentalists criticize Deutsche Bank for co-financing the controversial Dakota Access Pipeline , which is planned to run close to an Indian reservation and is seen as a threat to their livelihood by its inhabitants. Deutsche Bank has issued a statement addressing the criticism it received from various environmental groups.
The Global Laundromat scandal revealed Deutsche Bank's involvement in a vast money-laundering operation over the period — In , The Guardian reported that a confidential internal report at Deutsche Bank showed that the bank could face fines, legal action, and even possible prosecution of senior management over the bank's role in the money laundering.
In , it was reported that Deutsche Bank was pursuing an expansion of its Russia operations. In the wake of Russia's invasion of Ukraine , Deutsche Bank refused to close down its Russia business. At the same time, other banks and major businesses were exiting Russia. In May , The New York Times reported that anti-money laundering specialists in the bank detected what appeared to be suspicious transactions involving entities controlled by Trump and his son-in-law Jared Kushner , for which they recommended filing suspicious activity reports with the Financial Crimes Enforcement Network of the Treasury Department , but bank executives rejected the recommendations.
One specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part because of the bank's previous involvement in a Russian money-laundering scheme. On 19 November , Thomas Bowers, a former Deutsche Bank executive and head of the American wealth management division, was reported to have committed suicide in his Malibu home.
Documents on those loans have also been subpoenaed from Deutsche Bank by the House Democrats together with the financial documents of the president. A relationship between Bowers's responsibilities and apparent suicide has not been established; the Los Angeles County Medical Examiner — Coroner closed the case, giving no indication to wrongdoing by third parties. In early , Deutsche Bank elected to discontinue its relationship with Donald Trump following his supporters' insurrection on the United States Capitol.
Deutsche Bank lent money and traded currencies for the well-known sex offender Jeffrey Epstein up to May , long after Epstein's guilty plea in Florida to soliciting prostitution from underage girls, according to news reports. The bank found suspicious transactions in which Epstein moved money out of the United States, The Times reported.
The bank had "ignored red flags on Epstein". In July U. In January , Deutsche Bank agreed to pay a U. Brandon Sun attempted to cover up the incident, but the bankers were let go for violating the Company Code of Conduct. From Wikipedia, the free encyclopedia. German banking and financial services company. Traded as. Banking Financial services. Investment banking Corporate banking Asset management Commercial banking. Operating income. Net income. See also: Financial crisis of — , Great Recession , and European debt crisis.
Main article: European debt crisis. See also: Financial crisis of — See also: Libor scandal. See also: Dakota Access Pipeline protests. Chief executives of Deutsche Bank. Banks portal Companies portal. Later, after his mother divorced his father and married Bill Broeksmit, he was adopted by Broeksmit when he was 9.
Amid Losses and Lack of Direction". The New York Times. Retrieved 8 April Deutsche Bank. Archived from the original on 26 May Retrieved 26 May The New Yorker. Retrieved 2 March Foreign Policy. Retrieved 20 November The Nazi Dictatorship and the Deutsche Bank. Cambridge University Press. ISBN Retrieved 11 July Encyclopedia Americana. Deutsche Bank: The Global Hausbank, — Bloomsbury Publishing. Oxford University Press. Announcement of Merger.
One Employed 14, Persons". ISSN Retrieved 17 April Retrieved 1 October Archived from the original on 3 March Retrieved 28 January Archived from the original on 8 September Retrieved 17 August Cambridge University Press, , pp. Retrieved 23 January February Deutsche Bank: A passion to perform. Fiduciary Solutions" PDF.
Deutsche Bank website. March Archived from the original PDF on 18 April Retrieved 10 February Associated Press. Retrieved 2 July Putin has sworn his time as a KGB officer in Dresden was uneventful. There's a lot of reason to doubt that claim". Some Paid a High Price. Retrieved 12 December Retrieved 31 October Archived from the original on 2 May Retrieved 15 July Archived from the original on 28 March International Business Times UK.
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Archived from the original on 15 October Deutsche Bank and Dresdner Bank have agreed to have their payments processed by Postbank. Preliminary agreements for this have now been signed by the three companies. The three banks say they see this as an important step in implementing their strategic objectives".
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Other investment-banking divisions also could be slashed, including the bond-trading business and teams that specialize in selling and trading various types of derivatives. The bank expects to make a formal announcement no later than July 8, one person said. The Wall Street Journal first reported on the plan to cut as many as 20, jobs. Retrieved 8 July Retrieved 12 February Retrieved 2 April Archived from the original on 4 March Retrieved 19 November Spiegel Online.
Retrieved 9 April The Daily Telegraph. This power was delegated to Congress in order to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private. Along with the power to coin money, the United States Congress has the concurrent power to restrain the circulation of money which is not issued under its own authority in order to protect and preserve the constitutional currency.
It is a violation of federal law for individuals, or organizations to create private coin or currency systems to compete with the official coinage and currency of the United States. In most cases, a central bank has the exclusive power to issue all forms of currency, including coins and banknotes fiat money , and to restrain the circulation alternative currencies for its own area of circulation a country or group of countries ; it regulates the production of currency by banks credit through monetary policy.
An exchange rate is a price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones. Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter, governments intervene in the market to buy or sell their currency to balance supply and demand at a static exchange rate.
In cases where a country has control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. The institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. A monetary authority is created and supported by its sponsoring government, so independence can be reduced by the legislative or executive authority that creates it.
Several countries can use the same name for their own separate currencies for example, a dollar in Australia , Canada , and the United States. By contrast, several countries can also use the same currency for example, the euro or the CFA franc , or one country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared US currency to be legal tender, and from to , Spanish dollars were legal tender in the United States.
At various times countries have either re-stamped foreign coins or used currency boards , issuing one note of currency for each note of a foreign government held, as Ecuador currently does. Mauritania and Madagascar are the only remaining countries that have theoretical fractional units not based on the decimal system; instead, the Mauritanian ouguiya is in theory divided into 5 khoums , while the Malagasy ariary is theoretically divided into 5 iraimbilanja.
In these countries, words like dollar or pound "were simply names for given weights of gold". See non-decimal currencies for other historic currencies with non-decimal divisions. Such conversions take place in the foreign exchange market.
Based on the above restrictions or free and readily conversion features, currencies are classified as:. According to the three aspects of trade in goods and services , capital flows and national policies, the supply-demand relationship of different currencies determines the exchange ratio between currencies. Through cost transfer, goods and services circulating in the country such as hotels, tourism, catering, advertising, household services will indirectly affect the trade cost of goods and services and the price of export trade.
Therefore, services and goods involved in international trade are not the only reason affecting the exchange rate. The large number of international tourists and overseas students has resulted in the flow of services and goods at home and abroad. It also represents that the competitiveness of global goods and services directly affects the change of international exchange rates. National currencies will be traded on international markets for investment purposes.
Investment opportunities in each country attract other countries into investment programs, so that these foreign currencies become the reserves of the central banks of each country. The exchange rate mechanism, in which currencies are quoted continuously between countries, is based on foreign exchange markets in which currencies are invested by individuals and traded or speculated by central banks and investment institutions.
In addition, changes in interest rates, capital market fluctuations and changes in investment opportunities will affect the global capital inflows and outflows of countries around the world, and exchange rates will fluctuate accordingly. The country's foreign trade, monetary and fiscal policies affect the exchange rate fluctuations.
Foreign trade includes policies such as tariffs and import standards for commodity exports. The impact of monetary policy on the total amount and yield of money directly determines the changes in the international exchange rate. Fiscal policies , such as transfer payments, taxation ratios, and other factors, dominate the profitability of capital and economic development, and the ratio of national debt issuance to deficit determines the repayment capacity and credit rating of the country.
Such policies determine the mechanism of linking domestic and foreign currencies and therefore have a significant impact on the generation of exchange rates. Currency convertibility is closely linked to economic development and finance. There are strict conditions for countries to achieve currency convertibility, which is a good way for countries to improve their economies.
The currencies of some countries or regions in the world are freely convertible, such as the US dollar, Australian dollar and Japanese yen. The requirements for currency convertibility can be roughly divided into four parts:. With a freely convertible currency, domestic firms will have to compete fiercely with their foreign counterparts. The development of competition among them will affect the implementation effect of currency convertibility.
In addition, microeconomics is a prerequisite for macroeconomic conditions. Since currency convertibility is the cross-border flow of goods and capital, it will have an impact on the macro economy. This requires that the national economy be in a normal and orderly state, that is, there is no serious inflation and economic overheating. In addition, the government should use macro policies to make mature adjustments to deal with the impact of currency exchange on the economy.
The maintainability of international balance of payments is the main performance of reasonable economic structure. Currency convertibility not only causes difficulties in the sustainability of international balance of payments but also affects the government's direct control over international economic transactions.
To eliminate the foreign exchange shortage, the government needs adequate international reserves. The level of exchange rate is an important factor in maintaining exchange rate stability, both before and after currency convertibility.
The exchange rate of freely convertible currency is too high or too low, which can easily trigger speculation and undermine the stability of macroeconomic and financial markets. Therefore, to maintain the level of exchange rate, a proper exchange rate regime is crucial.
In economics, a local currency is a currency not backed by a national government and intended to trade only in a small area. Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally produced goods in a broader sense, this is the original purpose of all money.
Opponents of this concept argue that local currency creates a barrier that can interfere with economies of scale and comparative advantage and that in some cases they can serve as a means of tax evasion. Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentinian economic crisis of in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.
One of the best examples of a local currency is the original LETS currency, founded on Vancouver Island in the early s. The resulting currency and credit scarcity left island residents with few options other than to create a local currency. From Wikipedia, the free encyclopedia. Generally accepted medium of exchange for goods or services.
For other uses, see Currency disambiguation. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Main article: Coin. Main article: Banknote. Main articles: Banknote and Fiat currency. Further information: Tables of historical exchange rates to the United States dollar. For a list of which currency or currencies are used by present-day countries or regions, see List of circulating currencies.
Main article: Alternative currency. This section does not cite any sources. Please help improve this section by adding citations to reliable sources. May Learn how and when to remove this template message. Main article: Local currency. Numismatics portal Business and economics portal History portal Society portal Money portal. The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.
The Free Dictionary. Money in any form when in actual use as a medium of exchange, especially circulating paper money. A Primer on Money, Banking and Gold 3rd ed. Hoboken, NJ: Wiley. ISBN OCLC The Economist. Determining the relative values of different currencies is the role of the foreign-exchange markets. Bank for International Settlements. November Retrieved May 11, Library of Congress.
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Records of Western civilization. New York: Columbia University Press. Archived from the original on March 9, March The Journal of Economic History. JSTOR Reserve Bank of Australia. Retrieved December 9, Retrieved December 8, Cambridge University Press. Meet the future of branded currency". TED conference. July 25, Archived from the original on July 25, Archived from the original on October 24, Retrieved December 14, March 18, September 16, Archived PDF from the original on February 7, Retrieved September 16, The collapse of the dollar and how to profit from it: Make a fortune by investing in gold and other hard assets Paperback ed.
New York: Doubleday. The Extraenvironmentalist Interview. Retrieved December 29, The Extraenvironmentalist Podcast. Medium of exchange. Axe-money W. Bimetallism Digital gold currency Gold certificates Local currency Virtual currency. Money portal. List of historical currencies Barter Coincidence of wants Bureau de change Central bank Clearinghouse bank Savings bank Depository institution Mint Akkadian standards of measurement c. Microeconomics Decision theory Price theory Game theory Contract theory Mechanism design Macroeconomics Mathematical economics Computational economics Behavioral economics.
Econometrics Economic statistics Experimental economics Economic history. Schools history of economic thought. Notable economists and thinkers within economics. Notable Critics of economy. Currencies of Europe. Abkhazian apsar unrecognised Armenian dram Artsakh dram unrecognised Azerbaijani manat Belarusian ruble Georgian lari Kazakhstani tenge Moldovan leu Russian ruble Transnistrian ruble unrecognised Ukrainian hryvnia.
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