Why are so many bankers committing suicide?

Nothing has changed since 2013 except the coverage. More bankers getting ‘suicided’ is expected as the economy takes a turn for the worst, corruption gets buried and large financial losses go punished.

The dead banker list reloaded:

 

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David Rossi, 51, a communications director at Monte dei Paschi di Siena, fell three stories from the bank’s Italian headquarters in March 2013. Photo: Reuters

 

 

Three bankers in New York, London and Siena, Italy, died within 17 months of each other in 2013-14 in what authorities deemed a series of unrelated suicides. But in each case, the victim had a connection to a burgeoning global banking scandal, leaving more questions than answers as to the circumstances surrounding their deaths.

The March 6, 2013 death of David Rossi — a 51-year-old communications director at Monte dei Paschi di Siena, the world’s oldest bank — came as the institution teetered on the brink of collapse.

Rossi was found dead in an alleyway beneath his third-floor office window in the 14th-century palazzo that served as the bank’s headquarters.

A devastating security video shows Rossi landing on the pavement on his back, facing the building — an odd position more likely to occur when a body is pushed from a window.

‘Yes he killed himself. But there’s a question: could it be suicide by extortion… There’s a couple suspicions I have.’

 – Val Broeksmit, on his stepfather’s suicide

The footage shows the three-story fall didn’t kill Rossi instantly. For almost 20 minutes, the banker lay on the dimly lit cobblestone, occasionally moving an arm and leg.

As he lay dying, two murky figures appear. Two men appear and one walks over to gaze at the banker. He offers no aid or comfort and doesn’t call for help before turning around and calmly walking out of the alley. Continue reading

Deutsche Bank Exodus Continues As Real Estate Chief Leaves For Blackstone

Have you ever wondered which big bank after Lehman Brothers would be next to fall? This is why you see so much shuffling from within and people resigning suddenly and going to work for another institution.

Moreover, with over $72 TRILLIONyes trillion, in derivatives exposure — we have likely found it. To put this tiny bit of risk in perspective, the GDP of Germany itself is a mere humble $2.7 trillion.

This is why Germany is also worried in this high stakes game of chicken. If Greece goes, Deutsche Bank who’s heavily invested will go, and creates the possibility of bringing the country with it. From there you can only see how such a scenario would spread to the rest of the world.

 

Earlier this month, Deutsche Bank’s co-CEOs Anshu Jain and Jürgen Fitschen were shown the door (well, technically they resigned, but with shareholder support plummeting amid skepticism about both financial targets and ongoing legal problems, it’s easy to read between the lines). The bank, which has paid out more than $9 billion over the past three years alone to settle legacy litigation, has become something of a poster child for corrupt corporate culture. Consider the following rundown of the legal problems the bank faced as of the beginning of its 2015 fiscal year:

We are currently the subject of regulatory and criminal industry-wide investigations relating to interbank offered rates, as well as civil actions. Due to a number of uncertainties, including those related to the high profile of the matters and other banks’ settlement negotiations, the eventual outcome of these matters is unpredictable, and may materially and adversely affect our results of operations, financial condition and reputation.  Continue reading

Is Deutsche Bank the next Lehman?

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Looking back at the Lehman Brothers collapse of 2008, it’s amazing how quickly it all happened.  In hindsight there were a few early-warning signs,  but the true scale of the disaster publicly unfolded only in the final moments before it became apparent that Lehman was doomed.

And the rest is history.

Could this happen to Deutsche Bank?

By the time we are aware of a crisis – if one is in the offing — it will already be a roaring blaze by the time it is known publicly.   It is by now well-established that truth is the first casualty of all banking crises.  There will be little in the way of early warnings.   To that end, we begin connecting the dots: Continue reading

Deutsche Bank lawyer found dead by suicide in New York

(Reuters) – A senior Deutsche Bank regulatory lawyer has been found dead in New York after committing suicide, New York City officials said on Saturday.

Calogero Gambino, 41, was found on the morning of Oct. 20 at his home in the New York borough of Brooklyn and pronounced dead on the scene, according to New York City police. Continue reading

World top bankers warn of dire consequences if U.S. defaults

(Reuters) – Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.”

“This would be a very rapidly spreading, fatal disease,” Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington. Continue reading