Monday, 23rd November 2009

 

1 December 2008 - Press Briefing

Property tycoon faces Deutsche Bank lawsuit

Deutsche Bank on Friday filed a lawsuit against Donald Trump over the property tycoon’s beleaguered Chicago condominium and hotel project, a move that further underlines the worsening relationship among lenders and borrowers in commercial real estate, according to a report in The Wall Street Journal.

In its suit, the German lender is seeking repayment of a $40m (€31m) personal guarantee from Trump, linked to a $640m construction loan that Deutsche Bank originated in 2005. That debt came due on November 7 with an outstanding balance of $334m, the WSJ report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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