By , , FRANKFURT/MANILA (Reuters) - Wirecard said on Monday that 1.9 billion euros ($2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany’s financial watchdog.The one-time investor darling is holding emergency talks with its banks, which are owed roughly 1.75 billion euros, to avert a looming cash crunch triggered by the missing money.The episode marks a dramatic turn in the fortunes of a homegrown tech firm that attracted some of the world’s biggest investors before a whistleblower...…By , , FRANKFURT/MANILA (Reuters) - Wirecard said on Monday that 1.9 billion euros ($2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany’s financial watchdog.The one-time investor darling is holding emergency talks with its banks, which are owed roughly 1.75 billion euros, to avert a looming cash crunch triggered by the missing money.The episode marks a dramatic turn in the fortunes of a homegrown tech firm that attracted some of the world’s biggest investors before a whistleblower...WW…

By , FRANKFURT (Reuters) - Wirecard collapsed on Thursday owing creditors almost $4 billion after disclosing a gaping hole in its books that its auditor EY said was the result of a sophisticated global fraud.The payments company filed for insolvency at a Munich court saying that, with 1.3 billion euros ($1.5 billion) of loans due within a week its survival as a going concern was “not assured”.Wirecard’s implosion came just seven days after EY, its auditor for more than a decade, refused to sign off on the 2019 accounts, forcing out Chief Executive Markus Braun and leading it to admit that...…By , FRANKFURT (Reuters) - Wirecard collapsed on Thursday owing creditors almost $4 billion after disclosing a gaping hole in its books that its auditor EY said was the result of a sophisticated global fraud.The payments company filed for insolvency at a Munich court saying that, with 1.3 billion euros ($1.5 billion) of loans due within a week its survival as a going concern was “not assured”.Wirecard’s implosion came just seven days after EY, its auditor for more than a decade, refused to sign off on the 2019 accounts, forcing out Chief Executive Markus Braun and leading it to admit that...WW…

By , , FRANKFURT/MANILA (Reuters) - Wirecard’s chief executive quit on Friday as the German payments firm’s search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks.Markus Braun, who built Wirecard into one of the hottest financial technology investments in Europe before questions over accounting saw it crash in value, leaves the firm facing a looming cash crunch and mired in allegations of fraud.Braun resigned just hours after releasing a video blaming Wirecard’s problems on fraud, saying he accepted...…By , , FRANKFURT/MANILA (Reuters) - Wirecard’s chief executive quit on Friday as the German payments firm’s search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks.Markus Braun, who built Wirecard into one of the hottest financial technology investments in Europe before questions over accounting saw it crash in value, leaves the firm facing a looming cash crunch and mired in allegations of fraud.Braun resigned just hours after releasing a video blaming Wirecard’s problems on fraud, saying he accepted...WW…

By , FRANKFURT (Reuters) - The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters showing that officials were blindsided by the country’s biggest post-war fraud scandal.The payment company filed for insolvency on June 25 last year, owing creditors almost $4 billion, after disclosing a 1.9 billion euro ($2.3 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.The documents provide previously unreported details of the ministry’s exploration of using...…By , FRANKFURT (Reuters) - The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters showing that officials were blindsided by the country’s biggest post-war fraud scandal.The payment company filed for insolvency on June 25 last year, owing creditors almost $4 billion, after disclosing a 1.9 billion euro ($2.3 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.The documents provide previously unreported details of the ministry’s exploration of using...WW…

By FRANKFURT (Reuters) - Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”All three French lenders saw...…By FRANKFURT (Reuters) - Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”All three French lenders saw...WW…

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By , , NEW YORK/FRANKFURT (Reuters) - Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president’s umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which...…By , , NEW YORK/FRANKFURT (Reuters) - Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president’s umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which...WW…