Deutsche Bank reportedly poised to reap windfall on risky cargo bet
NY Post
Deutsche Bank’s risky investment in a distressed cargo-shipping company is poised to reap a $1 billion windfall for the scandal-ridden financial giant, according to a report.
The fat profit – equal to a quarter of the bank’s 2020 investment banking earnings – is a marked turnaround for a bank that suffered five years of losses and numerous run-ins with regulators that forced it to fire 18,000 people as part of a massive restructuring effort. In 2016, the German lender began snatching up tens of millions worth of Zim Integrated Shipping Services Ltd.’s bonds, bank loans, and equity. The debt-laden Israeli freight shipping company had just emerged from a restructuring at a time when shipping revenues were at record lows.More Related News
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