Watch your money. This is life not a conspiracy.
So if you are expecting the problems to slow or even cease, don’t get your hopes up. Just when you thought it couldn’t get any worse for Deutsche, it’s looking to be like Wells Fargo 2.0. The grim news will continue throughout next week, and it won’t be getting any better.
Bloomberg, for instance, just reported that six former and current DB managers were charged in Milan for conspiring to manipulate the market and to falsify the accounts of Italy’s third largest bank; Monte de Paschi - which in and of itself is on the brink of insolvency.
Because of the way Italian laws work, Deutsche bank is in even hotter water: They can’t defer blame to underling employees the way Wells Fargo did.
And now, on Sunday, it was
reported by Bild, a german tabloid, that Deutsche Bank clients have been locked out of removing cash from their accounts at ATMs.