World finance leaders gathered at the International Monetary Fund on Saturday, a day after issuing fresh warnings about economic stability risks. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: World finance leaders gathered at the International Monetary Fund in Washington, D.C. on Saturday (October 8), a day after issuing fresh warnings about economic stability risks amid worries about a massive U.S. fine for Deutsche Bank destabilizing Germany's largest bank, and a sharp fall in the British pound and weak global growth. Deutsche Bank has been struggling to overhaul its business model that is built around trading activities that have become much less lucrative under new regulation enacted since the 2008-2009 financial crisis. IMF officials have said this week that Deutsche Bank needs to reassess its business model to maintain profits and capital in what is expected to be a long era of low rates that will pressure earnings. The British pound lost more than 10 percent of its value early on Friday in a massive "flash crash" that underscored concerns about Britain's economic stability as it starts to negotiate an exit from the European Union. But British Finance Minister Philip Hammond told reporters that no decisions had been taken on Britain's negotiating stance after Prime Minister Theresa May said the two-year negotiating process would start next March. "Everything is negotiable," Hammond said, including terms of a Britain-EU customs union.