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Message: <blockquote data-quote="Coralin96" data-source="post: 690" data-attributes="member: 15">Deutsche Bank scaling back in the US<ul> <li data-xf-list-type="ul">The Story: According to the FT, 300 US investment bank staff were fired from Deutsche Bank and another 100 are set to follow before the end of this week.  The company is refocusing on corporate finance in Europe. It noted that it lacks a long-term competitive advantage in investment banking and in the US and Asia. The company saw a 74% fall in pre-tax income in the first quarter of 2018 and is currently on a cost-cutting programme.</li> <li data-xf-list-type="ul">Impact on law firms and clients: Deutsche Bank are being careful not to trigger any employment regulations. They have made a point to avoid many job cuts in Germany where there are strict employment laws, especially compared to the US. </li> </ul>Barclays hit by costs of scandal<ul> <li data-xf-list-type="ul">The Story: Barclays reported a £764m loss in the first quarter of 2018 after settling an investigation into the mis-selling of mortgages in the US and PPI in the UK. </li> <li data-xf-list-type="ul">Impact on law firm and clients: The bank paid US authorities $2bn to settle a claim that it misled investors in $31bn worth of mortgage backed securities deals. This follows fines paid by US rivals including Deutsche Bank and Credit Suisse  Regulators showing the importance of compliance. Recently, the CEO of Barclays also faced a fine from the UK regulator under new FCA rules. The Senior Management Regime gives the Financial Conduct Authority and the Bank of England the power to fine or ban senior management for problems under this watch. These rules focus on personal accountability and come after the financial crash saw many directors protected under limited liability.  In this case, twice the CEO tried to uncover the identity of a whistleblower even though his compliance team warned that he should stop. This is the first time a senior figure has been fined over whistleblowing and the first time a sitting CEO has been fined.</li> </ul>Oil companies do well under higher oil prices<ul> <li data-xf-list-type="ul">The Story: Shell and Total have posted increases in earnings for the first quarter of 2018 thanks to higher oil prices. Shell's profits increased by 41% and Total's increased by 13%. </li> <li data-xf-list-type="ul">Impact on law firms and clients: Oil prices were on average $67 a barrel in the first quarter of 2018, a 25% increase on 2017. The energy sector is doing very well and this could mean more activity for M&A and finance departments as they seek to expand following a long period of slow profits.</li> </ul>Incoming GDPR, businesses unprepared<ul> <li data-xf-list-type="ul">The Story: A survey by EY of 1,100 executives based in the EU found that almost 40% did not know the GDPR 'fairly well' despite it coming into force on May 25. This comes as the UK information commissioner has said there will be no grace period.</li> <li data-xf-list-type="ul">Impact on law firms and clients: The GDPR is quite onerous and companies should begin preparing soon. Individuals will have the right to access information held about them within 30 days and companies have 72 hours to tell regulators about cyber attacks. At the moment data protection offices are in high demand but there is a current shortage of supply.  Many large companies will need to hire a DPO if they handle a lot of data on a large scale and these DPO's report to the top of management. </li> </ul></blockquote>

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