Deutsche Bank (DB) stock has been cut in half this year, with losses accelerated in recent weeks on concerns of a capital crunch in the face of a proposed settlement by the U.S. Department of Justice that could reach $14 billion and reports of hedge fund selling. (CNBC)
Deutsche Bank CEO John Cryan sought to reassure his employees in an internal letter today, writing the bank has strong fundamentals and recent media reports were causing "unjustified concerns." Read the full text of the letter here. (CNBC)
Rival German lender Commerzbank saw shares plummet this morning, after announcing job cuts and a plan to slash its dividend. Other European lenders like Unicredit, Barclays, and Credit Agricole also saw hefty losses in Friday trading. (CNBC)
Royal Bank of Scotland (RBS), nearly three-quarters owned by U.K. taxpayers, plans to separate its retail operations from the higher risk portions of its businesses. The overhaul was designed to meet new rules in Britain following the 2008 financial crisis. (Reuters)
Wells Fargo (WFC) has been nosediving this month, as fallout from the bank's sales practice scandal intensifies. CEO John Stumpf on Thursday was grilled again on Capitol Hill, where he denied there was an "orchestrated effort" to defraud customers. (CNBC)
CNBC's Becky Quick reports Warren Buffett, whose Berkshire Hathaway (BRK.B) is a major Wells Fargo shareholder, told Stumpf the secret account mess was bigger than the bank CEO had thought, and that his interview with CNBC's Jim Cramer did not go well.
Och-Ziff Capital Management Group (OZM) will pay $412 million to settle allegations the hedge fund bribed officials in several African countries. Founder Daniel Och agreed personally to pay $2.2 million to settle a recordkeeping violation. (NY Times)
A Tesla (TSLA) car in Autopilot collided with a bus in northern Germany, but the electric automaker said Wednesday's accident was unavoidable because the bus swerved. The Tesla driver was slightly injured but none of the 29 bus passengers were hurt. (Reuters)
The black box from the train involved in Thursday's the wreck at the Hoboken, New Jersey station has been recovered. One person died and more than 100 others were injured. Commuters this morning face modified service, as the investigation continues. (NBC News)
Nobel Peace Prize winner and former Israeli president Shimon Peres was remembered as a "great man" today, as world leaders including President Barack Obama gathered for the 93-year-old's funeral. Palestinian President Mahmoud Abbas also attended. (NBC News)
The USA Today has broken with its 34-year history of not taking sides in the presidential race. The publication's editorial board wrote Donald Trump is "unfit for the presidency." But the newspaper did not give unqualified support for Hillary Clinton.
The U.S. does not own the internet, but it's held the oversight contract for the organization that runs its address book for many years. That's set to change today, when the contract with the nonprofit organization in charge of all domain names expires. (USA Today)