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Deutsche Bank seems reluctant to restructure U.S. operations

Wall Street Journal said Deutsche Bank would alter the legal status of one of its subsidiaries in the United States, U.S. unit Taunus Corp. This is done for Deutsche Bank to avoid the responsibility of providing fresh capital of $ 20 billion.

Based on quoted of internal documents in the bank, the Wall Street Journal, that last year, several executives at Deutsche Bank is concerned that U.S. unit Taunus Corp. must pay for it so he could comply with the Dodd-Frank financial reform law which is passed last year.

According to a source who requested anonymity, Deutsche Bank will report to the Fed that Deutsche Bank Trust Corp. will not be part of U.S. unit Taunus Corp., but rather a direct subsidiary of the German bank. As for investment-banking business and non-banking sectors will remain a part of U.S. unit Taunus Corp.

Deutsche Bank announced its plans on delivering the invitation of general meeting which is held on 26 May. However, a bank spokesman refused to comments when they want to be interviewed by Reuters. This is done to meet strict capital requirements and the provision of reports.

The Germany lender’s New York branch is considered as an independent company, so it deserves to be taxed. If taxes are paid, then it could increase tax revenue for the federal United States. In March, Deutsche Bank agreed to support the equity buffer of its Spanish branch office. This is done after the Spanish government asked Deutsche Bank to provide larger fresh funds for business.

Short URL: http://www.usnews9.com/?p=6721

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