Deutsche Bank will continue to provide agricultural-investment products after Germany’s largest bank concluded that they’re not the cause of rising prices for farm commodities.
'There was no evidence that speculation was responsible for price developments', Juergen Fitschen, the company’s co-CEO, said at a press conference in Berlin Sunday. 'It can contribute to volatility under certain conditions but there are also other reasons for volatility'.
Bloomberg reports that Berlin-based Foodwatch said in October that Deutsche Bank and other financial companies were partly responsible for famine in some of the poorest countries as agricultural speculation raised food prices. That prompted former CEO Josef Ackermann to say Deutsche Bank would examine its agricultural-commodity business to ensure it didn’t contribute to worsening hunger or poverty.
The news organisation also reports that JPMorgan Chase plans to consolidate its electronic trading system for corporate bonds with other asset classes in the early part of this year as lenders seek to adapt to regulatory changes and reduce costs.
'We’re trying to figure out how our customers would like to execute', Scott Wacker, the London-based head of FX Sales EMEA at JPMorgan, said in a telephone interview. 'Our target is the end of the first quarter, maybe into the second quarter that we intend to start to offer the ability to execute online for fixed-income products'.
Finally, Bloomberg reports that Morgan Stanley is seeking Federal Reserve approval to buy the remaining 35% of its brokerage joint venture with Citigroup this year.